"Thank you! Together, we will preserve the American Dream"

Hello everyone! Best Wishes for a Happy Chanukah, Merry Christmas, and Happy Kwanza! Great news! Governor Paterson signed the Mortgage Foreclosure law we have lobbied for last Tuesday, December 15th.

Together, we did it! Thanks for your support in advocating  for it. Special thanks to the media who joined us in this community effort:

Hopefully, we can keep the American Dream of home ownership alive in our neighborhoods, and improve on the deeply troubling reality shown below:

FORECLOSURE STATISTICS

State Statistics Provided by RealtyTrac.com showing the Top Ten Counties with the Highest Number of Foreclosures Across NYS from January 1 to October 1, 2009

  • Queens: 10,521  foreclosures.
  • Kings: 7,872 foreclosures

  • Nassau: 6,781 foreclosures

  • Monroe: 4,009  foreclosures

  • Bronx: 3,071 foreclosures

  • Westchester: 3,070  foreclosures

  • Erie: 2,685 foreclosures

  • Richmond: 2,506 foreclosures

  • Orange County: 1,469 foreclosures


****New York County reports  1,238 foreclosures****

ADDITIONAL STATEWIDE STATISTICS 


Credit Suisse report from December 2008 predicts that in the next four years, more than 230,000 additional homes in NYS are expected to be lost to foreclosure, costing the state’s economy more than $4 Billion.

The Furman Center for Real Estate and Urban Policy reports that in New York City, the same predominantly minority neighborhoods that saw the highest rates of subprime lending are now experiencing the highest rates of foreclosure.

According to the Center for Responsible Lending, in NYS in 2009-2012, more than six million neighboring homes will experience devaluation meaning a decrease in house value of around $241,715 and an average decline in home value of $37,649.


ADDITIONAL NATIONWIDE  STATISTICS

Nationwide Statistics Provided by the Center for Responsible Lending from August 2009

  • 1.5  Million homes are already lost to foreclosure

  • 13  Million homes are projected  for foreclosure on all types of loans during the next 5 years

  • 1 in 10  homeowners are late on their mortgage.

  • Nearly 1  in 5 homes are owned by homeowners who owe more than the  property value

  •  In 2009,  more than 69 Million neighboring homes will lose property value because of nearby foreclosed homes.

  • 61% of  2006 sub-prime loans went to people who could have qualified for prime loans with better terms.

Albert  Baldeo

www.albertbaldeo.com



 
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