Subprime Hell Ripping Through Rochester

I linked through this from an Albany Project post. The New York Times has a great interactive Flash map showing the breakdown of subprime mortgage lending across the state. You can use the map to center on Rochester and see what our city looks like. It is, as you might have expected, not pretty:

Subprime Mortgages in New York, New Jersey and Connecticut – The New York Times

High-cost subprime loans became widely popular across the region in 2005 and 2006. They were especially numerous in low income and minority areas, but even middle class and high-income areas had many subprime mortgages. Chart shows the percentage of mortgages for 1 to 4 family residences, either for purchase or refinancing, that were subprime in 2006.

Another ripple in all of this to consider is the relationship to Maggie Brooks’ Great Sales Tax Heist: schools that had budgeted for much more money than they ended up with after the filtching are going to need to make up the difference in property taxes. However, with 30 – 40% of all new mortgages in Irondequoit, Gates, Greece and Henrietta – not to mention as much as 80% in parts of Rochester – you can probably count on a whole lot less property tax revenue when people default on their mortgages and properties sit empty.

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By Tommy Belknap

Owner, developer, editor of DragonFlyEye.Net, Tom Belknap is also a freelance journalist for The 585 lifestyle magazine. He lives in the Rochester area with his wife and son.

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