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Your Morning Credit Crunch: Brooklyn Foreclosures Way Up

In a story that even Marty Markowitz would have trouble finding something positive about, Brooklyn appears to be the hardest hit borough in terms of foreclosures, the Post reports. F-words in August were up 30% over the same month last year, for a total of 1,032 filings. Over 10,000 homes are in pre-foreclosure, with another 1,300 headed to auction. Queens was not much better off, with 1,121 new filings in August and some 9,400 homes in pre-foreclosure. Manhattan, that sparkling crown jewel, had only 79 foreclosure filings in August, up 17 from last year. The bad numbers come on the heels of reports that home sales in some areas (Bed-Stuy, East New York, Brownsville) are down 50%.
· City Foreclosures Skyrocket 30% [NYPost]