Brooklyn Foreclosures Highest Among NYC Borough Filings- By: John Cutts
Brooklyn foreclosures accounted for most of the more than 2,000 foreclosure filings in New York City’s five boroughs in December, based on figures from a California-based research firm.
Brooklyn posted 757 foreclosures in December, up by 151 percent from December 2008 and higher than the 629 foreclosures filed in Queens.
Across the city, a total of 2,013 foreclosures were filed in December, an increase of 3.3 percent from filings in November 2009 and a jump of more than 84 percent from filings in December 2008.
Throughout 2009, New York City posted a total of 20,229 foreclosure filings, up by more than four percent from total filings in 2008. According to real estate firm owner Jonathan Miller, the major cause of foreclosures in New York in the latter part of 2009 was unemployment, and it will remain so in 2010. Another cause was the speculative foreclosure investing strategy that shot up property prices during the boom.
Based on a report from the Fiscal Policy Institute, the unemployment rate in New York City varied sharply across neighborhoods. In the East New York part of Brooklyn, the jobless rate in the third quarter last year was 19 percent, the highest among the neighborhood rates examined and the rate level that drove a lot of Brooklyn foreclosures.
In the Bronx, the jobless rate was 16 percent. In the Upper West Side and Upper East Side of Manhattan, the rate was five percent.
Unemployment levels also varied according to race and gender. Almost 16 percent of blacks were jobless in the third quarter, higher than the 12-percent share of the unemployment pie by Hispanics, seven-percent by non-Hispanic minorities and six percent by Asians. Jobless rates were also higher for male workers than women, with West Brooklyn recording the biggest rate of unemployed men – 46 percent.
Based on another report, among the bigger Brooklyn-based companies that laid off workers in 2009 were HSBC, which terminated 95 workers; RJ American, which laid off 95; Martin Greenfield Clothiers Limited, which dismissed 66, Weisman Discount Home Centers, which laid off 54; Brooklyn Bureau of Community Service, which posted 40 job losses; and Macy’s East, which had 33 workers laid off.
According to the Furman Center for Real Estate and Urban Policy, a total of 1,750 homes in New York City became bank-owned houses in September 2009, 245 units of which were located in Brooklyn.
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John Cutts has been educated in the finer points of the foreclosure market over 5 years.