B'KLYN HOME WOES CONTINUE. BUT FORECLOSURES FALL CITYWIDE
BYLINE: BY PHYLLIS FURMAN DAILY NEWS BUSINESS WRITER
SECTION: BUSINESS; Pg. 39
LENGTH: 331 words
THE FORECLOSURE crisis loosened its grip on most parts of the city last year, but many Brooklynites saw no letup in their housing woes.
Foreclosure notices fell 15% citywide to 17,184 last year, according to stats due out today by foreclosure information firm RealtyTrac.
The decline can be traced in part to a self-imposed freeze on foreclosure proceedings.
Starting in October, banks and other lenders put on the brakes after it was revealed some had rushed the process without proper review. By last month, banks got back to business, sending city foreclosure notices up nearly 42% compared with November.
Brooklyn, long the city's foreclosure epicenter, remained under pressure. The borough saw notices reach 6,689 last year, a 12.8% increase. Among the worst hit neighborhoods were East New York, Canarsie and Bedford-Stuyvesant. The other boroughs all had decreases.
Brooklyn's troubles can be traced to its high unemployment rate - 9.8% vs. the city's 9% - and a high concentration of risky mortgages in some areas, said Michael Hickey, executive director of the Center for NYC Neighborhoods, which coordinates free advice and legal counseling for city residents at risk of losing their homes.
While the foreclosure picture improved citywide last year, there are still reasons to be concerned, Hickey said.
The number of residents who were late on their mortgage payments spiked last month. In addition, many homeowners who took on risky mortgages will soon see their loans reset to terms they can't afford.
"I am not confident we have turned the corner," Hickey said. "There are way too many unknowns."
On the national front, 2010 was a record year for foreclosure filings.
Default notices, scheduled auctions and bank repossessions were reported on more than 2.8 million U.S. homes, an increase of nearly 2% from 2009.
One in 45 homeowners received at least one foreclosure filing during the year. In New York City, the rate was far lower: one in every 195 homeowners.
This e-mail address is being protected from spambots. You need JavaScript enabled to view it