In the entire city of New York, Brooklyn had the biggest number of home foreclosures in the month of January 2010. According to a trustworthy foreclosure report released by a certain expert-tracking firm, this area marked the highest defaults. Its findings portray the area as the worst hit by foreclosure filings during January 2010.
At least six hundred and ninety-three households in this area encountered defaults and foreclosure filing difficulties. Furthermore, the county comprised thirty-eight percent of 1825 notices received by New York City dwellers in January 2010. Compared to January 2009, foreclosure notices received in January 2010 by the area residents increased by eighty-seven percent.
Nevertheless, it marked a decline of 8.5 percent of received notices in December 2009. Additionally, the whole of New York City total foreclosure filings in January 2010 went up by thirty-five percent from the same period last year. Comparing the same with December 2009, the numbers marked a decline of 9.3 percent.
The New Year brings along with it amazing changes in the history of the housing crisis in New York City. Keen readers of foreclosure news always expect to see Queens at the top of the list of housing defaults. In the past years, this county faced the worst mortgage crisis in the entire city. Brooklyn real estate foreclosures are incredibly high in 2010 with East New York, Canarse and Flatlands included.
Bedford-Stuyvesant and East Flatbush areas have not escaped the crisis either. Real expert tracking firms are quoting increasing unemployment rates as the major cause of mortgage defaults. According to Stephan Dookeeram, Pratt county community foreclosure counselor, second homeowners are still facing foreclosure notices.
Tenants without jobs are experiencing difficulties in rental payments. This explains the reason why foreclosure listings are becoming a norm in the area. New York Citys foreclosure situation in 2010 is better off being compared to the other US states.
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