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- kemp34, on 01/18/2009, -5/+47Thank you Federal Reserve for engineering below market interest rates for so long. Thank you Wall Street for packaging junk mortgages into so-called "safe" securities to be sent out globally. Thank you to the army of mortgage brokers who pushed ridiculous mortgages on folks. Thank you to borrowers who did not perform due diligence. Thank you to the George W. Bush administration and the OCC for squashing state-based actions to halt predatory lending. Thank you to corporatist entities Fannie Mae and Freddie Mac for pushing up the price of homes and the size of loans to unnatural heights. Thank you CNBC for cheerleading bubbles year after year. Thank you Barney Frank and others for having no clue about basic economics, yet being in charge of major rules on such. Thank you to the army of apologists for America's last great credit bubble. You have done so well!
/s (but did I really need it?) - ryandaws, on 01/17/2009, -0/+25It is adjusted for population. "Percentage of housing units with foreclosure action" = foreclosures / houses. 1/10 gets the same value as 1,000,000/10,000,000.
- krahzee, on 01/18/2009, -3/+26You know, I'd just like to point out to my fellow diggers that for all of the bias against middle America and stupid redneck, Christian, etc.. jokes we see here, the "educated" coastal areas seem to be foreclosing at a much higher rate.
Oh, I live in NY. It was just an observation. - Pasaris, on 01/18/2009, -1/+22Middle America looks like it knows how to live within it's means.
- techguru2006, on 01/17/2009, -0/+19Wow, Phoenix!
- edpowers, on 01/18/2009, -0/+9question is.. when will the house price in So Cal fall further? The prices around here are still ridiculously high..
- inactive, on 01/18/2009, -1/+9ok, I looked at it again and now I understand that's the percentage of foreclosed houses out of all houses in each county, and it did seem weird to me when i saw those small numbers 5,9, 1, 4... but I was too lazy/didn't care to look more careful.
- inactive, on 01/18/2009, -0/+8I would have thought that Michigan would have been worse off, with the unemployment rate being what it is here.
- galore, on 01/18/2009, -5/+12It is easier to make the payments on a $10k trailer than on a $500k house.
- gtluke, on 01/18/2009, -7/+13looks similar to an election map if the heat was democrats
- kevinmoore, on 06/13/2009, -2/+8What makes you think the percentage will be higher in more populated areas? Oh wait, I get it. Go look up what "percentage" means and then post here again. I'll wait.
- InfiniteNothing, on 01/18/2009, -0/+5I wouldn't assume everyone who forecloses can't pay their loan. I'm betting many people seeing how much their home has depreciated and how nice interest rates are now. They are simply walking away to start over and buy an even bigger house at the same monthly payment.
- Pookatooka, on 01/18/2009, -2/+7I didn't know there were only 48 states.
- dixon1e, on 01/18/2009, -2/+7swmianon: might be because this map is about _new_ foreclosures, not abandoned and already foreclosed. Detroit and other rust belt cities are rapidly becoming devastated ghost towns.
- JYoungest1, on 01/18/2009, -1/+6Everybody knows Alaska succeeded after the election and Hawaii got blow away by wind yesterday.
- inactive, on 01/18/2009, -2/+7You noticed that also! The red state/blue state map could be placed over that and it would look about the same. People who believed if they made 50,000/year, they could afford a 500,000 dollar house, PLUS 30,000 in credit card debt, PLUS 2 expensive SUV's, PLUS, country club memberships, PLUS and on and on and on.
- Jektal, on 01/18/2009, -0/+5Succeeded? At what?
- Endomlik, on 01/18/2009, -0/+4So has the fore closer percentage gone up on single property owners or the people trying to make a buck off the system? A story only sells if it makes it seem like the middle class are getting pounded. I feel no sympathy for any of the multiple land owners. It was their chose to take the business risk. They're all dumping bad investments now. Only people that probably got screwed are the ones that worked in construction or supplies manufacturing for housing that lost their jobs. I hope an economic stimulus for some construction of schools and infrastructure.
"Of the nearly 4,800 homes listed for a sheriff's sale since that time, about 5 percent were held by owners with at least 10 homes. About 55 percent were owner-occupied, and 40 percent were owned by people with two to nine properties, according to a Tulsa World analysis."
http://www.tulsaworld.com/news/article.aspx?articl ... - inactive, on 01/18/2009, -9/+13Interesting. The bluer the area, the more red it is.
- Emperor03, on 01/18/2009, -6/+10Is it just me or does this look exactly like the election maps we've been seeing? The areas that were the "bluest" (most democratic voters) are now the "redest"(most foreclosures) on this map.
- reeds1999, on 01/18/2009, -0/+4Any congressman worth his $4,700 raise will tell you the way to fix this is to give billions of dollars in taxpayer money to the banks.
- Snarfy, on 01/18/2009, -0/+4Arizona is a no-recourse loan state. If prices are going up, buy the biggest McMansion you can. If they go down, just walk away!
- dougs55, on 01/18/2009, -0/+3Don't know about the "all" part but in San Jose a few years ago there used to be people handing out flyers and trying to get people to sign up for those types of mortgages at bus stops.
- EvilDoer, on 01/18/2009, -8/+11I'd like to thank the irresponsible blue staters for killing the housing market, good job.
- DillingerSmooth, on 01/18/2009, -1/+4this is why I rent...that and I am always broke
- EvilDoer, on 01/18/2009, -0/+3Foreclosure didn't catch up with them because they didn't have jobs, foreclosure caught up with them because they signed ARM/Interest only loans so they could afford that $400,000 house on their $50,000 salary.
They gambled and they lost.
EOT - tidu, on 01/18/2009, -0/+3Yeah, no. Maybe the coastal north east, and california. then it's kind of random everywhere. Just look at Tennessee. It's an interesting observation, but doesn't hold water.
- du1834, on 01/18/2009, -0/+3LOL. How did a religion post pop up here? I mean, really?
- Optiks, on 01/18/2009, -0/+3@jerrym-
Nice copy/paste job.
Nice copy/paste job.
Nice copy/paste job.
Nice copy/paste job.
Nice copy/paste job. - marm0lade, on 01/18/2009, -2/+5"It is easier to make the payments on a $10k trailer than on a $500k house."
And now you won't have to worry about making payments while you live on the street. It's called "living within your means." Someday you may know what I mean, but by then it will probably be too late. - springboks, on 01/18/2009, -1/+4Like all trends good or bad, they come from the west typically California (and Florida I guess). Wasn't it California that was doing all those interest only mortgages
- TheSpook, on 01/19/2009, -0/+2The upper Midwest is rather blue. :/
- ddgconsultant, on 01/18/2009, -1/+3That is one of the most unthoughtout comments I think I've read here. Unforeseen circumstances do occur. Credit is the concept of "living in the future" which would allow people to "assume" what is going to happen (or what they think they can afford) in the future. The entire mortgage industry is based on that premise. Buying a house with cash would represent "living in the now" for which you would never plan for the future. You can't have it both ways. It's one or the other and you except the consequences of your choice. Stupid would be knowing the fullness of the consequence and choosing going with the choices that lead you there. Most people are not educated to be forecasters. But seeing as how you are the genius here... What actions did you take to help the "SO MANY" stupid people out there? Or were you just being selfish and keeping the knowledge to yourself?
- inactive, on 01/18/2009, -0/+2There is an Upside.....
- sleestakslayer, on 01/18/2009, -0/+2Good point. But you better hope your landlord doesn't default!
- kemp34, on 01/19/2009, -0/+2I was including them under:
"Thank you to borrowers who did not perform due diligence."
But you are correct. - doiveo, on 01/17/2009, -1/+3+1 internets for RTA
- Future2, on 01/18/2009, -0/+2Generally, if your landlord defaults it won't affect you much at all and could even help you. Banks file an assignment of rents and leases with the county which permits the bank to collect the rents directly form all tenants. If the bank forecloses on the property they have no reason to evict good tenants. Even if you aren't paying your rent it may not be in the banks interest to higher a management company to take care of the situation.
- danwgre, on 01/18/2009, -0/+2That's why most of these maps are propaganda. Its easy to visually skewer "factual" information to anything you want.
- jsffive, on 01/18/2009, -0/+2All those foreclosures... and the people who will actually end up with the deeds to all those properties, that were originally empty plots of land, only had to "risk" ONE NINTH of the total principle of those loans!
Think about that, the next time some dumb ass on the television, starts talking about "putting less fortunate people in homes"... The answer to that kind of stupid rationale is, "Maybe... but only for a little while. And then the BANK gets the property."
Wake up America. USURY is destroying this nation! - marm0lade, on 01/18/2009, -1/+3I'm sorry, rant? In only 2 sentences!? I'll take that as compliment. You can now add "ignorance" to "smug arrogance". But thank you for providing me with an excellent opportunity to try out the "block user" feature. Idiot.
- Vandelay797, on 01/18/2009, -0/+2RealtyTrac? more like RealityCheck
- du1834, on 01/18/2009, -0/+2...Or you could consider that areas with .000% foreclosure rate are a positive.
They gave you a legend and assumed you could read. Do you have a problem with them posting areas with .000% foreclosure rate? Anything lighter than mid pink is below the normal foreclosre rate and is considered acceptable.
What would be interesting is a map of the US in 1998 vs 2008 with a similar legend and color diagram. That would give the map much more perspective. - linagee, on 01/19/2009, -0/+1I accidentally California. Yes, the whole California.
- HornyAngel, on 10/12/2009, -0/+1Getting a mortgage only makes sense if (and only if) you are job-secure. In the past, there was some modicum of job security, but that was in the past. Besides, with job insecurity, if you are married, comes divorce. All of a sudden, boom, your life as you knew it, is no more and you go back to square 1.
P.S. (This is how it happens - you are away on business (or deployment, as was my case). You come home, happy as a clam. But, alas, the woman doesn't want you around anymore, so she files a restraining order against you, falsely claiming abuse. You are now taken to jail, and basically given your walking papers, with nothing but the pants and the shirt on your back. Woman can't make the payments on welfare. Mortgage goes in default.) - JYoungest1, on 01/18/2009, -0/+1Leaving the country in shame
:D - inactive, on 01/19/2009, -0/+1The ultimate goal of creating a nation of slaves is on the horizon whether we like it or not.
- HornyAngel, on 10/12/2009, -0/+1to secede = to separate, to split
But you are right.... China bought it last week, lock, stock and barrel.
And Hawaii was destroyed when Mount Mauna Loa exploded, creating a tsunami of epic proportions.
I guess the carrier pidgeon did not reach your neck of the woods quite yet. - linagee, on 01/19/2009, -0/+1The map is not that up-to-date.
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