NEW YORK, NY December 01, 2007 —More foreclosures are expected to hit city neighborhoods, according to a new report from the Federal Reserve Bank of New York. WNYC's Cindy Rodriguez reports:

REPORTER: The report shows that as of August there were more than 51,000 sub-prime loans in New York City. Close to 29,000 of those were adjustable rate mortgages and about a quarter of these loans were either delinquent or already in foreclosure.

The number of troubled fixed rate sub-prime loans was about 10 percent or just over 2,000. The Fed says this is the first time data such as this have been gathered into a report, and it could not provide any comparisons for it. But it says it plans to release these numbers on a monthly basis as a way of helping community groups and policy makers who are trying to monitor and address the rising rate of foreclosures.

For WNYC, I'm Cindy Rodriguez.