Housing market crisis isn't over for borrowers of color.

Author:Dunn, Catherine
Position::FIRST FOCUS
 
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While the national foreclosure crisis that started in 2007 has receded in New York, it continues to rage throughout many predominantly black and Latino city neighborhoods.

Despite a slight dip in the number of properties entering foreclosure citywide at the end of last year, "we still see, by historical standards, very elevated levels of foreclosure activity in predominantly nonwhite neighborhoods in 2010," said Josiah Madar, a research fellow at NYU's Furman Center for Real Estate and Urban Policy.

Foreclosure activity remains highly concentrated in southeast Queens, north-central Brooklyn, and the north shore of Staten Island. According to the Furman Center's State of the City 2010, last year more than 50 percent of properties that were acquired by the foreclosing lender were found in fewer than nine percent of the city's community districts.

A report co-authored by the Manhattan-based Neighborhood Economic Development Advocacy Project this spring found that, between 2008 and 2009, conventional refinance lending decreased by 14 percent in New York City's neighborhoods of color, while lending in the...

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