The report issued by Empire Justice on New York’s subprime woes points out that, in fact, about 44% of all subprime mortages in Monroe County (not Rochester, as has been reported on the 13WHAM blog) were in some form of trouble as of October of last year. Those mortgages are either already in foreclosure, behind by more than 30 days and therefore subject to foreclosure, or about to have their rates “reset,” thus potentially increase to dangerous levels. Looking at the map that details where in MC the subprimes concentrate, we see some of the old familiar patterns of poverty and debt. The City NE is particularly hard-hit, as is Gates and Greece, especially where it touches the city.
But another trend is worth noting, which is where the line of suburban sprawl and the line of subprime woes intersect. Notice that the trend of deep red extends straight across route 104, through Webster, at minimum. It would be interesting to see how red it is in Wayne County as well. The subprime troubles seem to skip right over Brighton, then slam back down with force in Pittsford, Perinton and Henrietta.
It’s all part in parcel of the same thing: the focus on fast growth, new home ownership, home construction all lead to people gambling more than they should and getting into trouble. Since 9-11, the sales of homes have been the only feather in the economic cap of this current presidential administration. But as we can see, high growth means high risk. Is it any wonder that the man who has tanked every business he’s ever run now appears to have his hands in his pockets during our economic crisis?