Foreclosure Rate Heat Map
By Barry Ritholtz - August 25th, 2011, 11:00AM
via RealtyTrak
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Please use the comments to demonstrate your own ignorance, unfamiliarity with empirical data, ability to repeat discredited memes, and lack of respect for scientific knowledge. Also, be sure to create straw men and argue against things I have neither said nor even implied. Any irrelevancies you can mention will also be appreciated. Lastly, kindly forgo all civility in your discourse . . . you are, after all, anonymous.
August 25th, 2011 at 11:17 am
I think some of it has to do with home ownership rates
August 25th, 2011 at 11:25 am
This is why there really isn’t a housing problem.
Example:
Illinois. 1 in 500 houses in foreclosure??
Who the hell cares?
99 percent of them are in places where they should have never been built.
August 25th, 2011 at 11:29 am
Nix my last, “ginko” moment here, the ratio is included.
August 25th, 2011 at 12:49 pm
That map tells the tale of the inexcusably high amount of loans that were made on homes that were grossly overrated, to people who should never have qualified to begin with. I’m not being assumptive here about the nature of the majority of borrowers in those states; rather, this was an overheated, overbuilt market, with too many speculators involved and too little in the way of common sense borrowing. AND LENDING.
August 25th, 2011 at 1:02 pm
Some time ago there was a Big Picture post about the number of homes in default but not being foreclosed. It appears this map is woefully incomplete and thus misleading for not including them. The number of default-but-not-foreclosed homes dwarfs the actual number of filed foreclosures. Would it be possible to update the previous research?
August 25th, 2011 at 2:01 pm
Listen, let’s make it simpler. 7 million mortgages are now at least 30 days behind in payments.
August 25th, 2011 at 5:02 pm
Cant you hear me knocking.
http://www.youtube.com/watch?feature=fvwp&NR=1&v=JhTjV6hQcis
August 25th, 2011 at 6:21 pm
The only, ONLY answer is going to be debt writedowns. We can either do it now, refinance, and let people stay in the homes, or the robber barons can kick people out, move them into rentals, thereby creating a modern day tenament system in places that don’t know what that is. Then you’ve got a bunch of empty former homes to sell now, for less than what they were foreclosed for.
It’s a no-win. Why can’t anyone with some pull and influence see this and recommend it is as OFFICIAL policy? Why will no one in a leadership position in government or in US private finance take the bull by the horns and make this happen?
Writing down some portion of debt on mortgages in places where underwater is the norm, not the exception, will get spending going again in those locations.
Further, I read reports that credit card delinquencies are dropping. Why, oh why, for christ sake, would anyone pay a greedy credit card before they would pay their mortgage? Makes no sense at all.
August 25th, 2011 at 7:41 pm
What percentage of the foreclosures are legal, and how many involve questionable ability to collect on the note? Given the corporate world’s tendency to play fast and loose with the idea of ownership, then squealing for government protection when someone threatens to gore their ox, it would be nice to know how much of the mortgage “crisis” is just corporatist BS.
August 26th, 2011 at 12:39 pm
just lost my home to auction (which was in reality my address being flashed on the state capital building’s courtyard, as it was never intended to be sold…). Here’s the thing… I had a short sale offer 8k ABOVE list price, buyer/seller dealing w the same bank. Bank begged Fannie Mae to take the deal … the gov said NO. There are numerous fannie mae sale refusals taking place all over…it smells rotten.