Foreclosures Rising in NYC, Firm Says

Foreclosure activity is increasing in the New York City metropolitan area due to "dismal" economic conditions, according to Foreclosures.com, a property investment advisory firm based in Sacramento, Calif."New York City is one of the five most troubled housing markets in the nation," said Alexis McGee, president of Foreclosures.com. "The employment picture is getting worse." The city has lost 176,000 jobs in the past two years, and the number of people out of work more than six months is increasing, she said. The city's economic woes stem from weaknesses in tourism and the financial sector, and New York state Comptroller Alan Hevesi is predicting further shrinkage in the city's economic this year, Ms. McGee said. The firm can be found on the Web at http://www.foreclosures.com.