SE Queens still struggling with foreclosures

TRD New York /
Oct.October 04, 2010 01:30 PM

While many parts of the nation are seeing a decrease in the number of mortgage defaults and other home loan-related distress, southeastern Queens is continuing to see its rate of foreclosures rise, according to Crain’s. The region, which has long ranked as one of the worst in the nation in foreclosures, is continuing to see the number of homeowners in distress climb. Foreclosure rates in some of southeastern Queens’ most badly hit areas climbed as much as 80 percent month-over-month in August, according to RealtyTrac data. Experts say that this is due in large part to the region’s heavy investment in sub-prime mortgages and rapidly deteriorating home values — in Jamaica, for example, home prices dropped 33 percent in the second quarter of the year. However, in other parts of the city, it’s not bad news — as The Real Deal reported, city-wide data from Realty Trac showed a recent dip in the number of foreclosure sales. [Crain’s]


Related Articles

arrow_forward_ios
(Getty, iStock)

Hudson’s Bay, Simon Property Group hit with $846M foreclosure lawsuit

Hudson’s Bay, Simon Property Group hit with $846M foreclosure lawsuit
Citizens Bank CEO Bruce Van Saun and SL Green CEO Marc Holliday with 106 Spring Street (Getty; Sl Green; Google Maps)

One of Soho’s priciest retail spaces heads to foreclosure

One of Soho’s priciest retail spaces heads to foreclosure
Senator Mitch McConnell and House Speaker Nancy Pelosi (Getty)

$2.2T House stimulus package would ban evictions for 12 months

$2.2T House stimulus package would ban evictions for 12 months
Governor Andrew Cuomo (Getty; iStock)

Commercial evictions, foreclosures halted through October

Commercial evictions, foreclosures halted through October
Tillary Hotel at 85 Flatbush Avenue (Image via Kutnicki Bernstein Architects)

Isaac Hager’s Downtown Brooklyn hotel heads to foreclosure

Isaac Hager’s Downtown Brooklyn hotel heads to foreclosure
A million homeowners haven’t requested forbearance on their mortgages — and are now at risk for foreclosure and eviction. (iStock)

1M struggling homeowners didn’t request forbearance. Now what?

1M struggling homeowners didn’t request forbearance. Now what?
U.S. foreclosure filings in August jumped 11% as some states ended relief measures, though continued government intervention has prevented sharper increase (iStock)

US foreclosure filings jump as some states end relief measures

US foreclosure filings jump as some states end relief measures
FHFA director Mark Calabria (Getty; iStock)

Fannie and Freddie extend eviction, foreclosure moratorium

Fannie and Freddie extend eviction, foreclosure moratorium
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...