How big has New York City's foreclosure problem become?
"Two years ago, there were just a few selected ZIP codes where [foreclosures] were bad," says Matthew Haines, the founder of PropertyShark.com, which tracks foreclosures in the five boroughs. "Now there are whole areas - areas that contain 12 or 15 ZIP codes - that are really bad."
With foreclosures hitting the five boroughs hard, even responsible homeowners are going to feel the pinch. Just one foreclosed house can bring down property values on an entire block (see story on next page).
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