New York Foreclosure Listings

New York City is in New York State situated in the northeast of US on the Atlantic coast. It shares an international border with the Canada. The city of New York is the largest in the state as well as in the country. It is known as the gateway to immigrants and is the nodal point for finance, culture, transport and manufacture. New York frontlines touch the two Great Lakes of Erie and Ontario that are linked by the mighty River Niagara. In contrast to the urban mood of the city the rest of New York State is a paradise dotted with farms, woods, rivers, lakes and mountains. In such an amalgam of town and rustic splendour it seems strange that the headlines are full of New York foreclosure listings.

How can New York foreclosure listings gain prominence in a state that would have ranked 16th just behind South Korea had it been counted as an independent nation? But today the reality is innumerable New York foreclosure listings. It contradicts the statistics of prosperity with a personal per capital income of $40,072 in 2005. New York bustles with activity in varied fields like agriculture, as well as industry and tourism. Yet it seems that New York foreclosure listings are having the last laugh today.

New York foreclosure listings are also affecting the tenants. Rents have rocketed sky high due to the New York foreclosure listings that are evicting hundreds out of their houses. About 530,000 tenants in New York City are spending half their income on rents – a jump of 14.9% since 1999. New York foreclosure listings have turned everything topsy-turvy. Bronx is the worst hit region while Manhattan is the lowest as regards spending on rented housing.

New York foreclosure listings spiked by over 50% from 2006 to 2007. The worst affected by New York foreclosure listings are the Afro-Americans and Latinos. New York foreclosure listings are concentrated in certain pockets where the minorities have been peddled sub-prime mortgages with ARM’s. Blacks comprised of 19% of all the borrowers in 2006 but 45% of the sub-prime loans and 34% of piggyback ones were pushed on to them. In 2006 Hispanics were 11% of the borrowers and they swallowed 26% of the sub-prime category and 25.5% of the piggyback ones. Analyzing New York foreclosure listings it is observed that 88% loans were in the pockets of the non-whites. The sub-prime rates were also higher than other cities. All these are the background facts and figures behind New York foreclosure listings.