Housing crisis hits Canarsie

October 13, 2008 10:44AM

Many of the troubled homeowners in Canarsie, Brooklyn are recent immigrants from the Caribbean, China and Russia who were targets of predatory lending, according to a vice president at Fillmore Realty. Those who bought multifamily houses with plans to rely on rental income to pay their mortgages are suffering from nonpaying tenants, and the homes are selling for $100,000 less than they would have last year. The 11236 zip code, which includes Canarsie and the Flatlands, had the highest number of subprime mortgages in the city, according to a study the Federal Reserve Bank of New York released in January, and lenders initiated foreclosure proceedings on 12 percent of them.

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