Those awful concentrations of dots on the map that look like an outbreak of an awful disease that hasn't been discovered yet? That's where mortgage foreclosures are concentrated as the subprime market starts to implode. Call it the Subprime Mortgage Pox. The Daily News has a whole bunch of the colorful maps.
The gross details come from a study by the Neighborhood Economic Development Advocacy Project. It reports that, for instance, in some parts of South Jamaica and Bed-Stuy up to 10 homes per block faced foreclosure last year. Overall about 9,000 homes went into foreclosure in '06, 50 percent more than '05. Other neighborhoods that are high on the foreclosure list are East New York and Williamsbridge in the North Bronx. Meantime, across the river in Newark, as many as half the mortgages in some neighborhoods are suprime and nearly one in five borrowers could be facing foreclosure.
· Set up for a fall [NYDN via Queens Crap]
· Behind Foreclosures, Ruined Credit & Hopes [NYT]