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Monday, October 1, 2007

A Remedy for Rising Foreclosures

Foreclosures in the Bronx jumped to an all-time high for the 3rd Quarter of 2007, according to Bronx nonprofit University Neighborhood Housing Program (UNHP). 441 one-to-four family homes went into foreclosure during the most recent quarter, topping the previous high of 438 set in the 1st Quarter this year.

While the majority of the foreclosures occurred in the East Bronx, both the Northwest Bronx and the South Bronx continue to display an alarming number of foreclosures, despite having fewer 1-4 family homes. In fact, the largest percent increase in the most recent quarter was in the Northwest Bronx, where filings jumped 39% to 74.

It is against this backdrop that UNHP will host its Homeownership Preservation Workshop, Thursday October 4th from 6:30 – 8:30 PM. Bronx homeowners will learn what they can do to avoid foreclosure, and have the opportunity to speak to foreclosure prevention counselors from local non-profits. In addition, two large area lenders, Chase and Washington Mutual, will also be on hand to speak with their borrowers. The workshop is free, and will be held at Concourse House, 2751 Grand Concourse at the corner of E 196th Street.

For more information please contact Eric Fergen, UNHP’s Outreach Coordinator at 718-933-2539 or fergen@unhp.org.

Founded in 1983, University Neighborhood Housing Program is a nonprofit organization working to create, preserve and finance affordable housing in the Bronx.


  1. I work for CurrentForeclosures.com and our company has been aware of the impending foreclosure issues for months. In my opinon the contributers to the failing real estate market are subprime mortgages and ARM's that are causing homeowners that should not have qualified for a home loan in the first place to face foreclosure, the depreciation in housing prices (especially as foreclosures flood the market!) and the fact that so many are unable to sell their homes. More and more research shows that the housing market will not recover until at least next year, and it will most likely take years to get us back to where we were before the bottom fell out. The Fed interest rate cut helped some, but if they truly want to help struggling homeowners they need to make further cuts and write legislation that prevents naive borrowers from being taken advantage of by shady lenders.


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