May 20, 2009

Essex county New Jersey Foreclosure rate is the Highest : New York Times-(Americanforeclosures data) Article

Filed under: Uncategorized — americanforeclosures @ 1:21 pm

New Jersey and the rest of the tri state area has been hit extremely hard by the foreclosure crisis. The problem has hit heaviest in the state’s urban areas — cities including Newark, Paterson, Elizabeth and Willingboro — where most residents are black or Hispanic, according to an analysis by The Times of data from American Foreclosures Inc., publishers of   Blacks Hispanics have at least tripled the foreclosure rate for whites in the same New Jersey area.  Subprime lending given to blacks and Hispanics melted down faster than white subprime loans. “It’s like people just walked away,” said Frank Perry, 65, who has lived on Grove Street for 25 years, moving here when the area was filled with working-class families.   See the full New Jersey area New York Times article here. article here
Many Newark owners “acquired properties in a nefarious manner,” the mayor said. Others, like his landlord, “saw in our city a place to invest, and got caught in the greatest modern scam and housing bubble.”


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