It may have taken a bit longer than the rest of the country but the sub-prime cloud is casting its shadow over the Empire State.
The entire state registered a rise in foreclosures of over 22% from July 2006 – July 2007. No place was spared it seems. In Queens the number of foreclosure filings rose 126% in one month, while Staten Island reported in with an increase of 102%. Scarier still is these two boroughs weren’t even the hardest hit. that distinction belongs to Staten Island which got hammered with a 184% increase in foreclosures in the previous 12 months. All told the five boroughs showed an increase of 55% over the past year.