August 1, 2014
Even as home sales prices increase in some parts of New York City and a loud and increasing buzz around a supposedly revitalized housing market ensues, there continue to be over 60,000 homeowners in crisis. These families, concentrated in predominantly African-American and Latino low- and moderate-income neighborhoods, continue to live in a precarious world where the values of their homes are less than the outstanding balances on their mortgages. These families are living underwater. Many of them continue to pay and remain current on their mortgages despite extenuating economic circumstances. But increasingly, more and more families cannot continue to pay their inflated mortgage premiums and are at risk of defaulting and entering the foreclosure process.This report is an analysis of privately labeled securitized mortgages in New York City by New York Communities for Change, New York Communities Organizing Fund, and the Mutual Housing Association of New York.