Home foreclosures in New York will surge in the coming months if the owners of more than 700 Manhattan condo units that defaulted last year are not able to save their properties from foreclosure. The number of distressed condo units in the area soared in 2009 by 125 percent from 2008.
New York home foreclosures continue to surge in the multifamily sector as a sharply rising number of affordable housing owners face severe financial troubles. About 100,000 affordable housing units in New York City are in severe financial distress or in foreclosure.
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