Upstate NY feels the foreclosure crunch


	Upstate NY feels the foreclosure crunch

ericskiff

4-30-2007 1:41 PM

836 views

tags:

housing, housing bubble, ny, upstate, foreclosure

ericskiff says:

I've talked with many people upstate over the past few years who said "it won't happen here." Risky lending practices are biting both the borrowers and the lenders in Upstate NY hard.

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<div style="margin: 12px 0px; font-family: arial; color: #333333; background: #ffffff; border: solid 4px #e5e5e5; width: 100%; clear: left;"><div class="CM_CTB_Content_Wrap" style="margin: 0px; padding: 0px;background-color: #ffffff;"><div style="border-bottom: solid 1px #dcdcdc; white-space: nowrap; margin-bottom: 8px; background-color: #eeeeee ;background-image: url(http://clipmarks.com/images/source-bg.gif); background-repeat: repeat-x; height: 24px; line-height: 24px; vertical-align: middle; padding-bottom: 4px; color: #666666; font-size: 10px;" ><a href="http://clipmarks.com/clip-to-blog/" title="see clips that are hot right now"><img src="http://content.clipmarks.com/blog_embed/197640f6-a3b8-4fe8-82c2-f363ea424fa1/76CD1ED4-C552-4C87-A719-752911920DBF/" alt="" width="19" height="19" border="0" style="vertical-align: middle; margin: 0px 4px; display: inline; border: none; float:none;" /></a>clipped from <a title="http://timesunion.com/AspStories/story.asp?storyID=584815&category=BUSINESS&BCCode=HOME&newsdate=4/28/2007" href="http://timesunion.com/AspStories/story.asp?storyID=584815&category=BUSINESS&BCCode=HOME&newsdate=4/28/2007" style="font-size: 11px;">timesunion.com</a></div><blockquote style="text-align: left; padding: 0px 8px; margin: 4px 0px 8px 0px; background: transparent; border: none;" cite="http://timesunion.com/AspStories/story.asp?storyID=584815&category=BUSINESS&BCCode=HOME&newsdate=4/28/2007">
Home foreclosure filings in the Capital Region surged in the year's first three months</blockquote><div style="height: 2px; font-size: 2px; background: #dcdcdc; border-bottom: solid 1px #f5f5f5; margin: 2px 4px;"></div><blockquote style="text-align: left; padding: 0px 8px; margin: 4px 0px 8px 0px; background: transparent; border: none;" cite="http://timesunion.com/AspStories/story.asp?storyID=584815&category=BUSINESS&BCCode=HOME&newsdate=4/28/2007">Foreclosures in Albany County jumped 109 percent, while filings in Rensselaer County spiked a staggering 218 percent. Rensselaer County, in fact, had more foreclosures filings in 2007's first three months (54) than it had all of last year (51).</blockquote><div style="height: 2px; font-size: 2px; background: #dcdcdc; border-bottom: solid 1px #f5f5f5; margin: 2px 4px;"></div><blockquote style="text-align: left; padding: 0px 8px; margin: 4px 0px 8px 0px; background: transparent; border: none;" cite="http://timesunion.com/AspStories/story.asp?storyID=584815&category=BUSINESS&BCCode=HOME&newsdate=4/28/2007">"We're getting more and more calls from people in a panic,"</blockquote><div style="height: 2px; font-size: 2px; background: #dcdcdc; border-bottom: solid 1px #f5f5f5; margin: 2px 4px;"></div><blockquote style="text-align: left; padding: 0px 8px; margin: 4px 0px 8px 0px; background: transparent; border: none;" cite="http://timesunion.com/AspStories/story.asp?storyID=584815&category=BUSINESS&BCCode=HOME&newsdate=4/28/2007"><P>Attorneys and counselors blamed much of the foreclosure rise on adjustable-rate mortgages that offer low payments at first, then rise sharply and sometimes take homeowners by surprise.</P></blockquote><div style="height: 2px; font-size: 2px; background: #dcdcdc; border-bottom: solid 1px #f5f5f5; margin: 2px 4px;"></div><blockquote style="text-align: left; padding: 0px 8px; margin: 4px 0px 8px 0px; background: transparent; border: none;" cite="http://timesunion.com/AspStories/story.asp?storyID=584815&category=BUSINESS&BCCode=HOME&newsdate=4/28/2007">many are couples with combined incomes of over $100,000 who still can't make mortgage payments.</blockquote><div style="height: 2px; font-size: 2px; background: #dcdcdc; border-bottom: solid 1px #f5f5f5; margin: 2px 4px;"></div><blockquote style="text-align: left; padding: 0px 8px; margin: 4px 0px 8px 0px; background: transparent; border: none;" cite="http://timesunion.com/AspStories/story.asp?storyID=584815&category=BUSINESS&BCCode=HOME&newsdate=4/28/2007">"It's not just the low-end homes that are going into foreclosure," James Saccacio, the company's CEO, said in a statement. "We're seeing a rising percentage of foreclosures with an estimated market value of more than $750,000."</blockquote></div><div style="margin: 0px 6px 6px 4px;"><table style="font-size: 11px;border-spacing: 0px;padding: 0px;" cellpadding="0" cellspacing="0" width="100%"><tr><td style="background:transparent;border-width:0px;padding:0px;">&nbsp;</td><td align="right" style="background:transparent;border-width:0px;padding:0px;width:107px" width="107"><a href="http://clipmarks.com/share/76CD1ED4-C552-4C87-A719-752911920DBF/blog/" title="blog or email this clip"><img src="http://content9.clipmarks.com/images/c2b-foot.png" border="0" alt="blog it" width="107" height="17" style="border-width:0px;padding:0px;margin:0px;" /></a></td></tr></table></div></div>

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