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Resource ID: #18649
Source:Pocono Record (Stroudsburg, PA)
In this three-part series, reporter Matt Birkbeck from the Record began looking into real estate issues in the Poconos after discovering in court documents that the foreclosure rate for Monroe County had grown from 100 in 1990 to nearly 600 in 1999. The Record found that thousands of homebuyers, many minorities from New York and New Jersey, were being convinced to buy homes at rates higher than market value. When they were unable to make payments on their homes, most were forced into foreclosure and bankruptcy.