Friday, January 16, 2009

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.


Anonymous said...

Not at all surprising given the shady business practices of the glut of real estates targetting South Asians, especially Indians from the Carribean in South Queens.

Wade Nichols said...

"Asteroid to strike earth, world ends tomorrow - women and minorities hit hardest."

"Skin cancer inordinately affects fair skinned persons of European origin. Doctors refuse to blame racism though."

Trilby said...

What are we to make of this news?

CJ said...

...the greatest loss of Asian wealth since the Japanese internment,”

Why not the greatest loss since the arrival of Europeans in North America.

If you build your house on sand it will crumble.

Hell Gate Kid said...

Hey Wade, welcome back. See you did not hit any flock of seagulls.

How's the west coast?

Poorly governed as the east?

Anonymous said...


Yet another example of what happens to a society that attracts folks not so bright. Kind of like Darwinism in reverse.

With the assurances that soley because of their background and skin color they will be protected, people will make poor choices.

If they were white Archie Bunkers then there would be no end of scorn heaped upon them.

The system would be chomping at the bit ready to sell their homes to new people that would make the community diverse! vibrant! and work the magic the way 'shopworn and tired' Flushing was reinvented.

A Better NYC said...

Wow...I think we can say for certain that South Asians aren't the smartest bunch.

I guess they'll now all have to live in their taxies.

Anonymous said...

how can they not afford the mortages? usually, not always, a large number of people live in those houses. You would think with all of those people they could afford to live there.

Anonymous said...

guess they need to redeem more cans

Anonymous said...

Wow, this might be the one good thing that occurred because of the mortgage crisis. Maybe they'll go back home now.

Rick Wingnut said...

These people should leave now! They're dirty and drive taxis and obviously are not the smartest sardines in the can. It makes me mad to see so many of them all around!!! Aaarrrgh!