Brooklyn is in New York City – it being one of five boroughs. Named after the Dutch town of Breukelen it came to be consolidated into New York in 1898. Of all the boroughs, this is the most populous. Although Brooklyn is part of New York City it has a distinct character as regards culture, art and architecture. Many of the localities of Brooklyn have a special ethnic character. Today Brooklyn foreclosure homes are marking these pockets with another special feature. Most of the Brooklyn foreclosure homes are concentrated in these pockets. Brooklyn spills over to Kings County – the most densely populated county of New York State.

It seems strange that Brooklyn foreclosure homes are dominating the scene. Had it been an independent metropolis then Brooklyn would have ranked 4th amongst the big cities of USA. And despite this prosperity in manpower and wealth Brooklyn foreclosure homes has humbled its fame.

Brooklyn and Bronx are minority pockets and here foreclosures are at their worst. Brooklyn foreclosure homes are causing great grief and concern to the Afro-Americans. Sub-prime mortgages with teaser floating rates and no down payment are being accused of being the cause for these Brooklyn foreclosure homes. Brooklyn foreclosure homes are accountable for the majority of the foreclosures shown in the New York City data. Although the sub-prime category of loans did the initial damage resulting in Brooklyn foreclosure homes, today the roots have gone deeper. Currently Brooklyn foreclosure homes are increasing largely because of the slump in the real estate market. The rise in supply is much greater than demand and this has led to more Brooklyn foreclosure homes. According to Jenny Schuetz of Furman Center for Real Estate and Urban Policy (New York University) the risk of Brooklyn foreclosure homes is more “likely to increase as the housing market cools.” Brooklyn foreclosure homes are affecting the Blacks with low income. Schuetz also spoke about the Brooklyn foreclosure homes that are leading to innumerable frauds. She was speaking at a New York State Banking Department meeting dealing on the issue of fraud.

Foreclosure rates are the highest in Bedford, Stuyvesant, Bushwick, Starrett City in Brooklyn as well as Belmont and East Tremont in Bronx. The data collected was for the period from 2002 to 2005.

New York City is a renters city with the lowest rate of house ownership among the major cities. Sub-prime loans had tried to change the balance but with disastrous consequences.

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