Many Jamaica home mortgages are still underwater: study

Black homeowners who bought in the early 2000s are disproportionately represented

TRD New York /
Feb.February 29, 2016 11:15 AM

The 2008 housing crash may seem far in the past, but it remains a crushing, daily reality for many New Yorkers.

A large number of mortgages for city properties are still underwater – with loan values exceeding the market value of the home – seven years after the crash began, with black homeowners, especially those in southeast Queens, disproportionally affected, according to a new report by the Center for New York City Neighborhoods, DNAinfo reported.

“For home-owners who bought in the early 2000s,” the Center’s Leo Goldberg told DNAinfo, “white home values have recovered while black home-owners have lost net wealth in that time.”

A map accompanying the report showed the city neighborhoods where at least 10 percent of mortgages are underwater, cross-referenced with neighborhoods with large black populations. Homeowners in the Bronx are also underwater in large numbers, according to the map.

The 2007 Mortgage Forgiveness Debt Relief Act – which waived taxes on homeowners forced to sell their properties following the crisis – was extended through 2016 late last year. [DNAinfo]Ariel Stulberg


Related Articles

arrow_forward_ios
The bank is accused of systematically trying to foreclose on mortgages after the state’s six-year statute of limitations had passed. (Credit: iStock)

BNY Mellon faces suit over foreclosures from the housing crash

Seattle, Washington (Credit: iStock)

Good luck buying an affordable home in these US cities

They’re just like us! “Billionaire” manse buyer takes out $58M mortgage

They’re just like us! “Billionaire” manse buyer takes out $58M mortgage

147-07 94th Avenue in Jamaica and Pheonix Realty Group president Keith Rosenthal (Credit: Google Maps)

Phoenix Realty, Artimus snag $181M loan for Jamaica resi project

Buyer sentiment was strong at the close of 2019 (Credit: iStock)

Home buyers start 2020 with drop in mortgage rates

(Credit: Getty Images, iStock)

Small Talk: Real Estate Predictions for 2020

Many are predicting a housing bubble (Credit: iStock)

Europe could be headed toward a housing crisis

Joseph Chetrit and a rendering of 150-13 89th Avenue (Credit: Getty Images)

Chetrit nabs $200M refi for huge Jamaica project

arrow_forward_ios
Loading...