Bushwick and the Housing Crisis

Eva Sanchis of El Diario has published a series of articles for the newspaper on how the foreclosure crisis has impacted Bushwick. The Brooklyn neighborhood has been one of the hardest hit by the housing recession and Sanchis's slate of articles just go to show which New Yorkers are taking the worst toll in this damaged market.

Here is a link to an English language digest of what was a three article report (our Spanish speaking readers can find the first of the original articles right here)

Additionally, The Brian Lehrer Show on WNYC hosted Eva Sanchis. This is the link to a podcast of that interview.

Rising FHA default rate foreshadows a crush of foreclosures

By Dina ElBoghdady and Dan Keating

Washington Post Staff Writer

The share of borrowers who are falling seriously behind on loans backed by the Federal Housing Administration jumped by more than a third in the past year, foreshadowing a crush of foreclosures that could further buffet an agency vital to the housing market's recovery....

No Help in Sight, More Homeowners Walk Away

By DAVID STREITFELD

Published: February 2, 2010

In 2006, Benjamin Koellmann bought a condominium in Miami Beach. By his calculation, it will be about the year 2025 before he can sell his modest home for what he paid. Or maybe 2040

Click here to read full article

Ghost Story: Put Banks Out of Their Misery

This article written by Nicholas von Hoffman and Published by The Nation compares the recent economic crashes of the U.S. and Japan.

“Bakemonos are floating through the halls, offices and minds of
the economists, business writers and policy wonks of Wall Street and
Washington. Bakemono is a Japanese word for ghost.
These bakemonos are repeating reminders of Nippon's 1990s, the
economically disastrous decade during which Japan suffered through a
painful period of deflation and stagnation…”

Read the rest of the article here.