Greenwich in Mortgage Crisis

Mortgage Crisis Hits Affluent as Foreclosures Rise, NYT Says
2008-04-24 23:10 (New York)

By Khaleeq Ahmed
April 24 (Bloomberg) -- The wealthy New York suburb of Greenwich, Connecticut, recorded 34 foreclosure notice filings in January, well above the typical number of about six, as the housing industry's woes spread to the affluent, the New YorkTimes reported, citing RealtyTrac data.

According to the Census Bureau, Greenwich was one of the richest cities in the U.S. in 2000, with a median household income more than double the national average, the newspaper said. In addition, Greenwich homeowners have access to resources not available to everyone, the Times said, enabling them to avoid losing their homes.

Still, some residents may face more difficult times going forward, the newspaper said, citing the Independent Budget Office, which forecasts that 20,000 jobs will be cut by Wall Street by the end of next year.

For related news:
Stories on U.S. foreclosures: {TNI US MOR }

--Editors: Elizabeth Wollman, Sau Chan

To contact the reporter on this story:
Khaleeq Ahmed in San Francisco at +1-650-745-5599 or kkhan8@bloomberg.net

To contact the editor responsible for this story:
Elizabeth Wollman at +1-415-617-7138 or
ewollman@bloomberg.net

[TAGINFO]
NI SUBPRIME
NI LOANS
NI SUM
NI MOR
NI HOM
NI NY
NI CT
NI REL

#<109539.500134.1.0.77.20164.25>#-0- Apr/25/2008 03:10 GMT