Foreclosure Numbers Rising Rapidly In NYC

The flood of foreclosures in the city has reached a new high the first few months of the year, with the outer boroughs seeing the largest increases. In all, more than 900 homes in New York City have gone into foreclosure.

In a small Brooklyn loft, researchers for the Web site PropertyShark.com track real estate trends, including foreclosures.

And business is booming.

Ashleigh Rose Clark, one of the site's employees, says New York is getting hammered.

"Staten Island is up 411 percent from last year, which is quite a dramatic increase. Queens is currently up about 90 percent from last quarter, which has been a very big increase for Queens in the past year," she says. Read more

[Richie Ehlers]

Tell me these foreclosures aren't for the borrowers and properties that the banks used to Redline as being unworthy, before the Democrats coerced the banks into makig those Loans! I told you not to tell me that!