NYC, Chicago, Cleveland Getting Clobbered By Home Foreclosures

In New York City, The New York Times recently ran a story of the financial problems being faced by some New York City residents in keeping up with their mortgage payments. Reportedly, in 2007, filings of new foreclosure actions have doubled in Queens, Brooklyn and Staten Island, according to one industry tracker. She said that the average number of weekly filings in both Queens and Brooklyn jumped to about 120 in each borough from about 60 a year ago. For more, see Fighting Off Foreclosure.

In Chicago, Crain's Chicago Business reports that "Cook County is on pace to record at least 30,000 and as many as 36,000 foreclosure filings this year, according to Cook County Circuit Court Judge Dorothy Kinnaird, who presides over the Chancery Division, which handles foreclosures." For more, see Foreclosures Still Raging In Chicago Area (Defaults could nearly double in '07 as pain spreads across region).

In Cleveland, a story by WKYC-TV Channel 3 reports on how hard the problem of home foreclosures has been hitting Cleveland and northeast Ohio. Go here to watch the Video - Foreclosure: Growing problem in Northeast Ohio.