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From the May issue: The Eastern Queens, Northern Staten Island and Central Brooklyn neighborhoods decimated by the housing downturn may be facing fresh waves of misery from homes that were in foreclosure and are now ending up owned by the bank.
The latest data from New York University’s Furman Center for Real Estate and Urban Policy prepared for The Real Deal show several troubling trends for REO homes, the shorthand for real estate owned by the bank — foreclosed properties that fail to sell at auction and are taken back by the mortgage lender. Typically vacant and poorly maintained, REO properties are notorious as blights on a neighborhood, dragging down property values for nearby homes and fraying the fabric of communities. [more]
