Sunday, February 28, 2010

Brooklyn Home Foreclosures spread to Sunset Park

Sunset Park is mentioned in this piece that appeared in the International Business Times

Meghan Faux, head of the Foreclosure Prevention Project of South Brooklyn Legal Services, said that Brooklyn home foreclosures have spread into Sunset Park and in other neighborhoods where no resident was distressed in the past. She added that the major foreclosure factor was still toxic mortgage underwriting, although the high unemployment rate has been forcing newer batches of homeowners to default.

With 25% of the national mortgage market under water, it was only a matter of time before we got hit. As it appears that the economy will not get any better any time soon and with the city raising real estate taxes to boot even though our house valuations have gone down the rising tax evaluations means we will be paying more, not less in real estate taxes. The city Government never shrinks as long as sucker taxpayers are around and we elect politicians who only see government as an employment agency for their cronies and supporters.

[where: 11232]
[where: 11220]

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