South Asians hit hard by mortgage crisis

From the Times Ledger:

According to research conducted by two students of the Milano New School for Management and Urban Policy for the Jackson Heights-based CHHAYA Community Development Corp., South Asians made up the majority of homeowners facing new foreclosures in two Queens neighborhoods over the last six months and comprised a substantial percentage of those facing foreclosure in several others.

The nonprofit found that 53 percent of homes about to enter foreclosure proceedings in the Briarwood and Jamaica Estates area belong to South Asian families.

Some 50 percent of homes facing foreclosure in South Ozone Park also belonged to South Asian families. Jackson Heights was next, with 46 percent of the homes facing foreclosure belonging to South Asian families, followed by Kew Gardens and Woodside at 44 percent each, Jamaica with 42 percent, Queens Village with 38 percent, Richmond Hill at 35 percent, Ozone Park with 28 percent and Elmhurst with 27 percent.

The organization reached those figures by examining the last names of the homeowners, Agnani said. Including South Asians with Christian names and Indo-Caribbeans, the numbers are probably higher, she said.

From the Queens Chronicle:

Of the top 15 ZIP codes across the entire city for foreclosures, 13 were in Queens as of the end of 2008. Almost all of the 13 ZIP codes on the list represent communities with high concentrations of immigrant homeowners.

In September of last year, City Councilman James Sanders Jr. (D-Laurelton), was almost prophetic with statements he made about the rising tide of foreclosures in his own community.

“This could be the single greatest loss of black wealth since the Great Depression, the greatest loss of Asian wealth since the Japanese internment,” Sanders said.