Manhattan, once one of the few spots that seemed immune to the foreclosure bug that has swept the nation. But the NY Times reports that more apartment owners in Manhattan are missing payments, putting their apartments up for sale to avoid losing them with foreclosures for this July up 78 percent from the year before. Manhattan homeowners may have believed that they were invincible because of the relatively stable real estate market with those folding on their mortgages in Manhattan being not your typical middle-class. The Times describes the new foreclosure class: "Their Facebook pages feature them at parties with friends, and their LinkedIn bios list prestigious careers and educational credentials." A program coordinator of foreclosure prevention for Neighborhood Housing Services tells the paper that he finds his Manhattan clients seem to have “a level of not fully accepting what is going on.”
Source: gothamist.com
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