New York is a state as well as a city in the mid Atlantic and northeastern parts of USA. New York State shares a common border with Canada. New York City is the largest in the state as well as in the country. It was the gateway to the flow of immigrants coming from Europe. It ranks first as regards finance, culture, transport and manufacture. The city is one of the largest urban jungles in the world having a beautiful natural harbour. New York is home to the United Nations. Today it is surprising that New York house foreclosures have hit the headlines.
New York house foreclosures are clouds hanging over the five boroughs of the city – Bronx, Brooklyn, Manhattan, Queens and Staten Island. The city famous for the Statue of Liberty, Wall Street, New York Stock Exchange and the Empire State Building is also making name for New York house foreclosures. New York house foreclosures are becoming as notorious as the fall of the World Trade Center. Harlem Renaissance, Hip Hop and Punk culture are now rubbing shoulders with New York house foreclosures. Over 170 languages are spoken in New York but it needs no language to understand the grimness of New York house foreclosures. The disaster is self-evident. It is said that New York City never sleeps as a round the clock subway hurtles through the tunnels. New York house foreclosures are keeping constant vigil gnawing into the entrails of New York’s name and fame.
The big question is can further New York house foreclosures be avoided? Ten years ago the supreme court of Queens handled about 300 to 400 New York house foreclosures. In 2007 the number of New York house foreclosures skyrocketed to over 7,500. This year already the court is ready to handle 10,000 New York house foreclosures according to court records. It is apprehended that in the forthcoming years one out of 32 houses will be included in New York house foreclosures postings, according to the findings of Pew Charitable Trusts. The New York house foreclosures will hit hard the regions of Queens, Brooklyn as well as some areas of Bronx and Staten Island. Brooklyn alone was responsible for 40% of the total number of New York house foreclosures in the state. The auctions are choc-a-bloc with houses ready to be sold but they are not finding buyers. During the housing boom speculators had crowded into New York but today more and more banks are repossessing the properties they had kept as security for sub-prime mortgages.