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Your Morning Credit Crunch: Foreclosures Still Scary

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PropertyShark's first quarter foreclosure report may be more than two months old, but it's never too late to break out a scary red map. The Post does just that today, reporting on the 918 foreclosures (compared to 606 the previous quarter and 554 the year before?thanks Queens!) and adding some chills by mentioning the stat from earlier this week on the big jump in the nationwide mortgage delinquency rate. And while New York is still immune from many of the woes plaguing the rest of the country, and foreclosures remain relatively low, there is cause for concern. Isn't there always? Data from May shows the problem is getting worse (Manhattan did manage to rack up 14 foreclosures in May, compared to just 23 in Q1), banks are clamping up and making it tougher for homeowners to fight their way out of foreclosure, and neighboring property values go right in the toilet once an f-bomb drops nearby.
· Danger Zone [NYP]
· First Quarter Foreclosures Report: Bad Day for Queens [Curbed]