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High-cost homes turned on their heads

From The Real Deal

The ROI Producing Real Estate Event of the Summer
Reach top decision-makers at Inman Connect

Editor's note: This article is reposted with permission by The Real Deal. Click here to view the original article. By SARAH RYLEY NEW YORK CITY - From working-class enclaves in the outer boroughs to glistening new condo towers in Manhattan, the legions of New Yorkers at risk of losing their homes has been growing. While the number of foreclosure filings in the state dropped during the first three quarters of last year compared to the same time in 2008, the filings jumped 14 percent in New York City, according to RealtyTrac. And no borough -- including Manhattan (see related story here) -- was spared. The Real Deal examined foreclosure data provided by PropertyShark, RealtyTrac and NYU's Furman Center and found that across the board -- from houses on cul-de-sac streets in Staten Island to tony co-op apartments on the Upper West Side -- foreclosures in the five boroughs have quietly started creeping into more well-to-do neighborhoods. While the level of distre...