Foreclosures have been a major part of life in most of the country, but have been slow to affect the Northeast-that is until recently. People are losing their homes at alarming rates in the New York Region in the past two years, according to the New York Times which states that six percent of all mortgages in the area are at least 90 days past due. However, Black and Latinos homeowners experience defaults three time as often than white homeowners.
In New York City, Black households making $68,000 a year are almost five times as likely to have obtained a high interest, subprime mortgage as white homeowners making the same or even lower incomes, according to a study released by the Pew Research Center. The result has left a slew of Black families with bad credit, no savings or even those who are renting evicted from their homes. While New York faces its foreclosure problems, both Florida and California have been hit the worst where one in every five homeowners are on the brink of foreclosure.-WLW
Have you noticed more foreclosures in your area?
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