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dutchboy
03-08-2009, 06:27 PM
USA Today has an article that states the 50% of all home foreclosures in the United States are in only 35 counties.


Seems amazing if true, I guess.

RaceBookJoe
03-08-2009, 07:15 PM
USA Today has an article that states the 50% of all home foreclosures in the United States are in only 35 counties.


Seems amazing if true, I guess.

Thats really interesting....i bet a lot come from Clark County in NV ( Las Vegas ). Would love to see a breakdown of foreclosures by income level....try to see how many homes and price levels of the homes were bought by people who didnt have the means to pay. rbj

Dave Schwartz
03-08-2009, 07:35 PM
Reno, NV - Pop 270,000 - over 2,200 homes in foreclosure!

sandpit
03-08-2009, 08:23 PM
Reno, NV - Pop 270,000 - over 2,200 homes in foreclosure!

Let the boys of RENO 911 straighten 'em out :D

Boris
03-08-2009, 08:45 PM
I read this article waiting for a pizza Friday night. It is pretty amazing that the foreclosure crisis is as concentrated as the article states.

http://www.usatoday.com/money/economy/housing/2009-03-05-foreclosure_N.htm

The worst-hit counties are home to about 20% of U.S. households, but accounted for just over 50% of the nation's foreclosure actions last year, driving most of the national increase. And even among those places, a few stand out: Eight counties in Arizona, California, Florida and Nevada were the source of about a quarter of the nation's foreclosures last year.

In more than 650 other counties — about a fifth of the nation — the number of foreclosure actions actually dropped since 2006.

Good thing we elected a communty organizer to fix this mess.

DJofSD
03-08-2009, 08:48 PM
USA Today has an article that states the 50% of all home foreclosures in the United States are in only 35 counties.


Seems amazing if true, I guess.
If I recall an often cited stat -- those 35 counties are in 5 states.

dutchboy
03-08-2009, 09:05 PM
I used to watch the "flip this house" type of programs on cable in the past few years and wonder if the people involved were nuts. Don't they remember the 1980's when the last housing bubble along with the Savings and Loans folding. I believe the count on failed S&L banks was something like 850 and they involved huge amounts of money.

One of the programs I recall had a bartender in Calif buying a house to fix up and flip and his payments were something like 7500 per month. What was he thinking and what were the bankers thinking when they financed this crap.

onefast99
03-08-2009, 09:51 PM
I used to watch the "flip this house" type of programs on cable in the past few years and wonder if the people involved were nuts. Don't they remember the 1980's when the last housing bubble along with the Savings and Loans folding. I believe the count on failed S&L banks was something like 850 and they involved huge amounts of money.

One of the programs I recall had a bartender in Calif buying a house to fix up and flip and his payments were something like 7500 per month. What was he thinking and what were the bankers thinking when they financed this crap.
Being in the mortgage business for 23 years this by far is the worst on both sides, foreclosures and loan availability that I have ever witnessed. The lenders are all of a sudden selling loans to companies run by former management of such large lenders as Countrywide and others. They are buying the mortgage notes for 25 cents to 50 cents on the dollar and then offering a new mortgage to the current home owner at about 50% less then they are currently paying. What amazes me is why wasnt this part of the stimulus package? Instead it again rewards the former wallstreet and corrupt lenders employees with another chance to make big money!

JustRalph
03-08-2009, 10:01 PM
there is a great graphic you can click on in that USA today article

thanks for the link :ThmbUp:

boxcar
03-09-2009, 12:44 AM
So...if I'm understanding this correctly, this mortgage "crisis" is being blown way out of proportion? This was my take on this issue a little over a year ago from things I read.

Boxcar