AmericanForeclosures.com

June 22, 2009

Minorities affected the most by Foreclosures in New York

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Minorities in New York have been affected the most by foreclosures in New York.  Foreclosures are occurring three times as often in minority census tracks compared to white ones.  Black and Latino home owners are twice as likely to hold high interest sub-prime home loans than white home owners with the same or lower income.

Black and Latino homeowners frequently enter into a different lending situation.  Banks have targeted minorities including blacks and given them unfavorable sub- prime loans when they qualified for better rates.  This problem along with the fact that people of all colors had skimped loans in the worst Real Estate market ever has contributed to the current foreclosure crisis.  Questionable practices by banks such as giving large gifts to brokers who steered borrowers to high interest rates substantially led to the foreclosure meltdown.  Making matters worse, minorities are often afraid to go to well known banks due to known discrimination and they fall into sub-prime mortgage traps.  These are just a few of the reasons why foreclosures are so high in New York and the rest of the nation.

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June 9, 2009

American Foreclosures, Inc Provides foreclosure data to the New York Times

Don’t forget to check our American Foreclosures, Inc’s New York Times article.  In it we provide data about the foreclosure market in the New Jersey tri-state area.

Bergenfield, NJ –  June 9th, 2009 – American Foreclosures, Inc., http://www.americanforeclosures.com  is announcing featured foreclosure information provided to the New York Times in a full length article, http://www.nytimes.com/2009/05/17/nyregion/new-jersey/17mortnj.html?_r=1 .   American Foreclosures, Inc. offers updated foreclosure listings including bank owned homes (REOS), and government owned homes.  American Foreclosures, Inc. is the publisher of http://www.njlispendens.com , a NJ pre-foreclosure listing website also featured in the New York Times article.
Certain New Jersey counties have been harder hit by foreclosure than others and the local population is feeling the pressure of the mortgage crisis.  More than half of New Jersey’s counties have the highest foreclosure rate in the region.  Sub-prime home lending success and failure was shown to be linked to different ethnic groups in the area.

The foreclosure meltdown has been attributed to events ranging from Wall Street woes to the sub-prime crisis. Minority borrowers were caught in the housing bubble as mortgage fraud ran rampant in the sub-prime lending market.  The Obama administration has begun to tackle the crisis with the two month old Making Home Affordable program aimed at rescuing struggling, eligible borrowers.

For additional information about American Foreclosures, Inc. contact Joseph Fanning at jfanning@americanforeclosures.com or you can visit http://www.americanforeclosures.com and http://www.njlispendens.com
About American Foreclosures, Inc. – http://www.americanforeclosures.com  was founded in 1992 as a monthly listing service; a resource for home buyers and real estate investors, providing pre-foreclosure and bank foreclosure listings of distressed properties in New York & New Jersey.
About NJLisPendens.com – is a product of American Foreclosures, Inc.  Created in 1999, http://www.NJLisPendens.com  answers an increasing need for real estate professionals, real estate investors, and home buyers to locate current, dependable, and inexpensive leads with the ease of access that the internet provides.

June 4, 2009

American Foreclosures Inc on Twitter!

American Foreclosures Inc. Is now on Twitter. You can follow along and see the tweeting in action! You’ll get minute by minute foreclosure and reo news, tips, tricks, and tactics to help you find foreclosed properties at the best prices and locations. You’ll also be kept up to date on what is happening with American Foreclosures Inc’s other websites including. NJ Lispendens, (New Jersey pre foreclosures) NY Lispendens (New York pre foreclsoures), and Philly Lispendens. (Philadelphia pre foreclosures). Find mortages in default updated daily by trained foreclosures lis pendens experts. So many people are tweeting that even Opra is on it! Don’t hesitate to follow our Twitter account at http://twitter.com/amforeclosures

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