September 7, 2008
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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Call me a hater, but this ought to wipe that smug look off their faces. Yes, I am enjoying this.
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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.
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@Thinktwice It's good to see you indulging in a bit of schadenfreude, however you do realize that you'll essentially be bailing out these deadbeats in the form of higher taxes....
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This city can't sustain itself by the way things have been going. Sorry.
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You gonna be ok in your apartment Jen Chung?
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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
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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.