Bubble Wrap: July 2007

NYC not totally immune

Crain’s New York Business reports NYC braces for foreclosure surge

The number of New York City homeowners facing foreclosure is on track to reach the highest point in more than a decade.

Lenders have started foreclosure actions on 7,000 homes since January, according to the Neighborhood Economic Development Advocacy Project. By the end of the year, the number is expected to exceed 14,000, which would represent a 60% increase over 2006.