Report: Foreclosure crisis continues to ravage Newark economy
“As Newark auctions off almost 80 foreclosed properties this morning at Newark Symphony Hall, down the street at City Hall, an advocacy group for low-income residents will raise the alarm that the foreclosure crisis has cost city homeowners $1.9 billion in lost value.
“Newark’s losses represent only half the losses to Essex County overall,” the report states. “There have been 13,500 foreclosures throughout the county in the past five years.”
The report is put together by New Jersey Communities United, a grassroots non-profit group that advocates for low-income residents.”
Giambusso, David. Star-Ledger 18 April 2013.