News

NEW YORK, NY April 29, 2008 —Signs of a deepening housing crisis in New York City -- an on-line real estate service, Realty Trac, says foreclosures are up 34 percent for the first three months of this year.

A spokesman for the company says those figures could jump even higher, because New York's foreclosure process takes more than a year to complete.

Comptroller William Thompson says more than 3100 homeowners have called his foreclosure prevention hotline over the past year.

Thompson, a potential mayoral candidate, says Queens has been hit the hardest, with 37 percent of the comptroller's cases coming from that borough.