Over 3000 counties in the USA, more than half of all foreclosures took place in 35 of them. by AURaptor

REAL WORLD EVENT DISCUSSIONS

Over 3000 counties in the USA, more than half of all foreclosures took place in 35 of them.

POSTED BY: AURAPTOR
UPDATED: Saturday, March 7, 2009 15:26
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Saturday, March 7, 2009 7:38 AM

America loves a winner!

By Brad Heath, USA TODAY
WASHINGTON — More than half of the nation's foreclosures last year took place in 35 counties, a sign that the financial crisis devastating the national economy may have begun with collapsing home loans in only a few corners of the country.
Those counties, spread over a dozen states, accounted for more than 1.5 million foreclosure actions last year, a USA TODAY analysis of figures compiled by the real estate listing firm RealtyTrac shows — more than were recorded in the entire United States just two years earlier. They were the epicenter of a wave of foreclosures that have left leading banks teetering and magnified the nation's economic problems.

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

It is not those who use the term "Islamo-Fascism" who are sullying the name of Islam; it is the Islamo-Fascists. - Dennis Prager

A concern of the GOP is that the people aren't informed enough to understand their policies, while a fear of the Dems is that the people ARE.

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Saturday, March 7, 2009 1:01 PM

KIRKULES

I live in one of the top 35 counties and our housing prices have dropped drastically, but I see it as a good thing. It was getting were the average person couldn't afford a home, now anyone that sill has a job has their choice of thousands of homes at reasonable prices. A home on my block recently sold for less than half of what it sold for three years ago. Most of foreclosed homes around here were second homes that people bought hoping to flip for a profit, so I don't have as much sympathy as I do for those losing their primary residence. Luckily I bought my home before the boom and bought somthing I can easily afford.

My wife told me the other day that in the Miami area they have 10 years of unsold housing inventory. If you want a good deal on a Florida condo, it's a buyers market.

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Saturday, March 7, 2009 3:26 PM

RUE

I have a vote and I'm not afraid to use it!

"Banking giant Wachovia Corp., for example, was hammered after California and Florida customers of one mortgage firm it bought (either A.G. Edwards or Golden West Financial) began defaulting at high rates. The risks of such lending were spread so broadly among financial institutions that, when the loans went bad, it drove the national credit crisis, says Christopher Mayer, who studies real estate at Columbia Business School."

And not a Fannie or Freddie in sight.

Seek ! Rap, the Wonder Dog ! Fannie and Freddie are missing ! Seek, boy ! Go !

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Silence is consent.

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