Brooklyn, NY – According to The Federal Reserve Bank of New York, the zip code that encompasses Crown Heights and Bedford-Stuyvesant had the highest foreclosure rates for subprime mortgages in the entire nation in October.
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More than one in four people, or 25.2%, with subprime loans in this area lost their homes to foreclosure. That's almost four times the national average of 6.9%.
Over the summer, the city recorded increases in home foreclosures everywhere except Staten Island. [gothamist]
if you look at the “whole” article it states specifically that they are talking about zip code 11233
Not ONE Yid lives in zip code 11233 – this is a total Shvartz neighberhood
the Crown heights that we know is booming, not one house for sale and the ones that do sell are in the 8-900,0000 range –
I would of expected some more du diligiance from this web site before you make such a blanket statement.
ch prices are very strong indeed they are reffering to NORTH of Eastern Pkwy…I also know of little if any at all foreclosure “activity” in j area of ch proper.
this is very weird ch home $ are up like crazy
The report probably includes homes you normally don’t think of as C.H., they are just adjacent, in terrible blocks etc.
Besides the people that thought they can afford homes but really could not there is also another category. These are people that tried to refinance and either stupidly signed documents that actually sold their home automatically in case of a late payment or some normal people thought they were refinancing and somehow signed docs that made it look as though they sold their home. Although it does not stand up in court it allows dishonest people to quickly get a deed in their namee and take out…..new loans that they will never pay, with the lien on a house that was never theirs.
With all of the talk of foreclosures around the nation, houses in Crown heights as well as around the city still remain very high.
The cost is not budging as all.
You obviously don’t understand what the subprime mortgage crisis and its consequences are all about.
Come over! The more frum families in CH the better!
However, I think most of these foreclosures will be in the non-Jewish areas.
Interesting, I live in CH and the houses in my area are still in the 800,000, so can you please let me know where I can grab a bargain!