Can Kings County New York Find A Foreclosure Cure?
Kings County, New York, is home to the area known the world over as Brooklyn. Predominately a minority neighborhood the residents of the area hold a higher percentage of subprime mortgages than any the other boroughs, and most of the country in fact according to a local university study. In some of the poorer sections over 50% of new purchase loans used subprime mortgages. This statistic does not bode well considering how the ongoing foreclosure situation continues to drive down home values as well as creating record numbers of unsold homes in the Multiple Listing Service (MLS). Over 44 million homes in the United States will experience property devaluation as a result of foreclosures in their neighborhoods. Forty-two counties in the United States can expect to see their property tax base erode by more than $1 billion. And households located in proximity to lost properties could see the value of their property decrease by $5,000, on average. Kings County ranks third in the entire count
