Tuesday, March 07, 2006

New York City Foreclosures Up

The New York Post has this report on foreclosures. "Foreclosure rates around the United States are rising from last year as more homeowners are caught in a web of rising interest rates and gimmicky mortgages. New York City foreclosures jumped 65 percent in January with 2,632 filings this year compared to 1,595 during the same month last year, according to RealtyTrac, which watches rates nationwide."

"The 2005 city total was 20,443 with 0.639 percent of the city households in foreclosure compared to a nationwide rate of 0.732 percent. Of the five boroughs, Brooklyn and Queens have the highest percentages of households in foreclosure with 0.820 percent and 0.884 percent, while Manhattan has the lowest at 0.065 percent."

"A New Hampshire company that tracks foreclosure rates there just saw a spike from 28 percent to 55 percent in the number of foreclosures. Those who refinanced or bought homes in the last two years using interest-only, adjustable rate or introductory variable rate loans are now much vulnerable to foreclosure."

"'Now when people's loans adjust, with the new interest rates they are seeing their mortgages skyrocket 20 to 25 percent,' said James Kenney."


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