Bronx foreclosures hurt home values
May 20, 2008 12:31PM
Nelson Avenue, Bronx
The value of almost 400,000 Bronx homes has dropped about $4.9 billion because of surrounding foreclosed homes, according to the Center for Responsible Lending. Residents in neighborhood like Wakefield are having trouble selling their homes when their blocks are lined with other homes for sale, as well as unsightly abandoned houses. To assist residents, State Senator Jeff Klein is trying to push a bill through the Legislature that would force banks to maintain their foreclosed properties. [NYDN]
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