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Caribbean Community Largely Unaffected By Foreclosure

CaribWorldNews, News Report, Staff Posted: Mar 13, 2009

NEW YORK - As U.S. foreclosure rates continued to show an upward spiral according to latest figures, area in states with large Caribbean populations seem largely secure from the foreclosure crisis.

A CWNN analysis of the latest foreclosure data from RealtyTrac staffers who that while for the third month there was an increase in foreclosure rates, Caribbean populated cities in states like New York, New Jersey, Connecticut, Washington, Philadelphia and Massachusetts are largely exempt from the crisis.

In New York, where Caribbean nationals call Brooklyn, southeast Queens and the Bronx homes, most of the foreclosures were reported in upstate New York, home to largely native-born Americans. Erie and Orange counties were most affected as was Suffolk County in Long Island.

In Philadelphia, areas home to many Caribbeans, in Philadelphia and Montgomery County, are not even on the foreclosure radar according to the report.

Neither is Boston, Massachusetts or Baltimore, Maryland, areas which many Caribbean nationals call home. Also MIA from the list are Alexandria, Virginia and Washington, D.C., areas that are also increasingly home to many Caribbeans.

In Connecticut, Hartford, home to hundreds of Caribbean nationals, has been put on the medium level of the list while in New Jersey, while in New Jersey, the story is the same for Essex County.

Areas in Florida and Georgia, where many Caribbean nationals live are, however, beginning to appear on the high end of the foreclosure ranks.

In Georgia, areas like DeKalb, Fulton and Gwinnett are starting to show up on the upper levels of the foreclosure list with over 1,000 foreclosures reported in those areas.

In Florida, Broward County, home to a significant percentage of Jamaicans, Haitians and other Caribbean nationals is extremely high with over 5,000 foreclosures.

The numbers has landed both Florida and Georgia among the nations 10 highest foreclosure areas.

February 2009 U.S. Foreclosure Market Reports, shows foreclosure filings default notices, auction sale notices and bank repossessions were reported on 290,631 U.S. properties during the month, an increase of nearly 6 percent from the previous month and an increase of nearly 30 percent from February 2008. The report also shows one in every 440 U.S. housing units received a foreclosure filing in February.

With one in every 70 housing units receiving a foreclosure filing in February, Nevada continued to document the nations top state foreclosure rate. Foreclosure filings were reported on 15,783 Nevada properties during the month, a 9 percent increase from the previous month and a 156 percent increase from February 2008.

Arizona posted the nations second highest state foreclosure rate in February, with one in every 147 housing units receiving a foreclosure filing during the month, and California posted the nations third highest state foreclosure rate, with one in every 165 housing units receiving a foreclosure filing.

Related Articles:

Communities Foreclosed

Black Middle Class in Crisis

Pinched by Economy, More Bay Area Residents Seeking Social Services


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