Foreclosure on the Rise in Manhattan

Manhattan, once one of the few spots that seemed immune to the foreclosure bug that has swept the nation. But the NY Times reports that more apartment owners in Manhattan are missing payments, putting their apartments up for sale to avoid losing them with foreclosures for this July up 78 percent from the year before. Manhattan homeowners may have believed that they were invincible because of the relatively stable real estate market with those folding on their mortgages in Manhattan being not your typical middle-class. The Times describes the new foreclosure class: "Their Facebook pages feature them at parties with friends, and their LinkedIn bios list prestigious careers and educational credentials." A program coordinator of foreclosure prevention for Neighborhood Housing Services tells the paper that he finds his Manhattan clients seem to have “a level of not fully accepting what is going on.”

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By Billy Parker in News on September 7, 2008 5:44 PM

Comments [rss]

sharpshoota

I'm not happy that people are losing their homes. These folks probably lost their jobs on Wall Street and now are losing their homes. Yeah most are probably jerkoffs but still no one want to lose a home. I do hope that the NYC bubble starts to break so some real middle class folks can start to own their places comfortably.

blablanyc

Greed is a sin.

http://books.google.com/books?id=nEPfY2jqlZwC&pg=PA233&lpg=PA233&dq=pope+greed&source=web&ots=r4ZrKOGkGu&sig=EedDv1gM2cZx8kxOv0wnVWCnDag&hl=en&sa=X&oi=book_result&resnum=1&ct=result

contro

You gonna be ok in your apartment Jen Chung?

blablanyc

This city can't sustain itself by the way things have been going. Sorry.

Mr Mel

The banks fought each other to give the Wall Street people the million dollar mortgages after they read the phony applications and boraxed income figures supplied by the mortgage brokers. They now are reaping the fruits of their greed. There are good reasons why the high end Co-Op Boards want a 50% cash down payment or allow no financing for the sales in their buildings. It keeps the rif-raf out.