Foreclosures Building In Big Apple

Compared to July 2007, foreclosures are up 67% citywide (215%-Staten Island, 81%-Queens, 63%-Brooklyn, 16%-The Bronx and 7.6%-Manhattan). So far in 2008, the total number of homes lost in NYC is 2,216. Despite the losses, New York City is still doing better than most large cities in the U.S. With only a 30% homeowner base, New York City is somewhat fortunate during these tough economic times. Things might be worse here if fewer people rented. Many experts agree that many current foreclosures were often caused by overly-lenient mortgage companies who approved overly-enthusiastic home buyers. Buyers took chances and gambled with adjustable rates on their interest payments. Some lost. Whatever the reasons, it’s hoped that the economy will improve soon. Those in power should initiate reasonable measures to help our home-owning neighbors now. Also, they must act to prevent future lenders and buyers from falling into the same mortgage traps again.