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Like Rest Of Nation: Foreclosures Hit NYC Like Ton Of Bricks

Published 06/13/08 Economy In Crisis - Print Article
E-mail - editor@economyincisis.org

Source The New York Post:

How big has New York City's foreclosure problem become?

....

Last week, the Mortgage Bankers Association released data on the nationwide mortgage delinquency rate for the first quarter of 2008. It showed a jump from 4.84 percent in the first quarter of 2007 to 6.35 percent in the first quarter of 2008 - the worst late-payment rate since 1979.

And while many real-estate professionals insist New York is immune to wider market woes, the city's latest foreclosure data is cause for concern.

"If you look at the map, more than 50 percent of the surface area of New York City is in foreclosure trouble," says Haines.

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