10314 Zip Code Appears At the Top in the List of Foreclosure

Posted on September 3rd, 2007 by hinson

The rate of default is much higher in the Mid Island and the Southern shore as compared to the Staten Island. The estimations are made on the basis of the Senate report on the mortgage scenario that was released in the recent times. An extensive survey was conducted of the five boroughs along with the counties of Nassau and Westchester. The reports are suggestive of the fact that the zip code 10314 has the maximum foreclosure filings which are almost 230 greater than what it was in the last year.

10314 is the biggest postal code covering Travis, Meiers Corners, Bulls Head, Castleton Corners, New Springville and Graniteville. The zip code 10312 occupies the second highest position in the listings of foreclosure. Zip code 10312 includes Annandale and Eltingville. Lot of cases of bad loans have been reported from these populous areas. According to the census report released in the year 2000, 10314 zip code area has over 30,000 housing units. 10312 Zip Code is no behind with 20,000 houses.

The areas that are heading their way to be a part of the top ten places facing foreclosure primarily consist of the boroughs, where the sub prime crisis has taken a heavy toll. Rosebank with pin code 10305 is at the last in the list of foreclosure. New Dorp also called Richmond (Zip Code 10306) is at the sixth position. Woodrow or the Prince’s Bay occupied the eighth position. The twin ZIP codes that did not make it to the top ten list were 10307 and 10308. From July 06-July07, the borough witnessed near about 1,582 filings for foreclosure.

According to the report released by the RealtyTrac, the rate of foreclosure almost doubled in the Staten Island. As a result, the county of New York had the highest cases of foreclosure nationwide. Staten Island has come into the limelight due to the issue of extensive sub prime lending that is taking place here. Seeing the Staten Island at the top in the list of foreclosure was nothing less than a shock as the place is known for having the highest average income.

People in the Staten Island are engaged in good jobs and draw good salary packages. Despite that, the place is having the maximum cases of default. Most of the people scattered all over the States are of the say that they thought that Staten Island would be quite used to such kinds of rapacious lending. But to the surprise of the entire nation, the inhabitants of the Staten Island were not much aware of the predatory lending.

Via