Staten Island's foreclosure rates rising
June 23, 2008 08:27AM
Staten Island
Staten Island, the borough with the highest rate of homeownership, had the highest rate of subprime mortgages in the city at the end of 2007, and the second highest rate of foreclosures in the first quarter. The median price for single-family homes rose to $427,000 in 2005 from $224,000 in 1995, according to the NYU's Furman Center for Real Estate and Urban Policy. But the median income only increased $14,000 during that time, leaving many home buyers to rely on subprime loans. In its March issue, The Real Deal reported on Staten Island's housing problems. [NYT]
The Real Deal reserves the right to delete any comment it finds to be rude, obscene, racist, sexist, bigoted, irrelevant or repetitive, as well as inappropriate comments about anyone's personal appearance. The Real Deal does not endorse any comments posted on its Web site nor does it verify the veracity of comments or the identity of posters.
Comments