More than 9,000 New York City home owners faced foreclosure last year - an astounding 50% increase over 2005 - and that number has skyrocketed even higher during the first months of this year.
Please note that the survey is only of 1-4 family homes, and Manhattan is mostly high-rises (both co-ops and condos) so the survey is biased. Basically, the white part in Manhattan means nothing (and yet, one brave soul in the West Village managed to go tits up!)
Also note that wide swathe of red in the poorer areas of Brooklyn and Queens.
Of course, Manhattan is different, right? Right? RIGHT?!?
All prices are set at the margin. Expect a bloodbath!
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