Real estate experts and local officials are saying that a worryingly high number of Newark homeowners are increasingly unable to make their mortgage payments, and that foreclosures in some of the city’s neighborhoods are expected to jump in the near future. Around 40 percent of Newark homeowners spend more than half their income on housing, one of the highest percentages in both the New York region and the entire country, according to census figures. Analysts say rising payment requirements on subprime loans are largely to blame for the mortgage troubles many Newark homeowners are having. The city’s mortgage crisis comes as the Booker administration has been touting the long-beleaguered city’s push toward commercial and residential revitalization. more [NYT]
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Mortgage woes plague Newark
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