Foreclosures Hit Brooklyn Hard
By Luke Constantino, Residential/Commercial Real Estate Brooklyn NY
(Brooklyn/Manhattan Real Estate)
"By the end of 2008, 6,100 families in Brooklyn could be at risk of losing their homes" The next two years could leave thousands of Brooklynites homeless, as the aftermath spawned by a "rogue" industry comes to light, a federal lawmaker recently warned. A rash of foreclosures fueled by subprime mortgages is the cause, according to Senator Charles Schumer. And for many, the future could be grim. Schumer's analysis showed that in the next two years, 91,000 families will be at risk of foreclosure because of these lending practices. In the New York Metropolitan area alone, an estimated 53,000 families will see their mortgages reset to onerous rates, he said. "The bottom line here is that the subprime bust is leading us right into a foreclosure boom, and thousands of Brooklyn residents will ...