Subprime loans weren’t just taken out by Middle Americans wanting McMansions: A total of 336 homes in New York City entered foreclosure last month, a 50 percent rise from last year. Of that number, an alarming 211 of them were in Queens. PropertyShark.com, which released the numbers, explained that it’s because of the borough’s “relatively high number of single-family homes in low-income areas.” And, probably, some seriously predatory lenders in the hood. [Crain’s]
