Brooklyn is one of the five boroughs in New York city located in King’s County. Brooklyn has been named after the Dutch town of Breukelen. Kings county is the most populous in the state and yet Brooklyn foreclosures has become a common occurrence. Although part of New York, Brooklyn has a character of its own as regards architecture and culture. Brooklyn is on the western point of Long Island. Newtown Creek flows past Brooklyn. Downtown Brooklyn ranks third after Midtown and Lower Manhattan as a business hub of New York. It seems impossible that Brooklyn foreclosures should stalk such a flourishing borough. Yet today Brooklyn foreclosures are a reality.
The job market of Brooklyn is related to the national economy, flow of population and the position of the region as a convenient backyard of New York’s business. Since the economy is badly mauled today by the sub-prime crisis there is little wonder then that Brooklyn foreclosures are taking place. From 1975 Brooklyn shifted from an economy based on manufacturing to being service based. Manufacturing has declined and perhaps with everything being related to one another the result is Brooklyn foreclosures. During the last few years construction picked up fast – in fact too fast. It was easy to get funds from the sub-prime kitty. But when interests rose the bubble burst leading to Brooklyn foreclosures. Another reason of citied for Brooklyn foreclosures is the demographic break up of a region. It is alleged that the minorities are being victimized. In Brooklyn there are 41.2% Whites, 36.44% black and the rest comprising of Native Americans, Hispanics and Asians.
According to a data released by Federal Reserve Bank one region in Brooklyn (zip code 11233) has the highest number of Brooklyn foreclosures. One in four house owners are struggling with sub-prime mortgages which has ultimately led to increase in Brooklyn foreclosures. The figure is four times the national average. The Blacks and Hispanics are being charged higher – it is they who are bearing the brunt of Brooklyn foreclosures. This is being alleged after studying 50 Brooklyn foreclosures.
Brooklyn foreclosures is full of personal stories. A squabbling couple lived in ‘War of the Roses’. Two years ago the millionaire Simon Taub fought too tooth and nail to see that his wife Chana did not get it. A wall was erected as per ruling by the judge. Now it seems that the house is going to be swallowed up by Brooklyn foreclosures.