Back in October, the NY Daily News reported that Bushwick was in major crisis, with foreclosures rising rapidly while house sales plummeted. But the BushwickBK blog begs to differ. "While 3.7% of Bushwick’s housing was in some part of the foreclosure process in 2006, and it’s likely even higher now, it’s important to keep the proper perspective: the vast majority of homes in Bushwick are not in foreclosure," they write. Still, plenty of blocks are looking bleak. One resident says half of the houses on his Woodbine Street block are boarded up or in disrepair. And that means the chances of property values rising are slim. "This street is so full of vacant houses now that people thinking about moving in might turn away when they see all these boarded up windows," said another resident. The City is planning to buy 115 foreclosed houses from the banks, but BushwickBK advocates another strategy: "The best way to resolve the vacant home problem is to let home prices fall to a level where the average buyer will re-enter the housing market."
Residents Sweat Bushwick’s Foreclosure ‘Crisis’ [BushwickBK]
