A USA Today story last week uses data from RealtyTrac to show that more than half of the nation's foreclosures last year took place in just 35 counties, in about a dozen states. Outside those foreclosure hot spots, the article says, "the foreclosure wave was barely a ripple — at least until it started swamping major banks that had invested heavily in mortgages." Wachovia, it points out, was hammered by foreclosures in California and Florida. And we all know the rest.
Monday, March 09, 2009
Subscribe to:
Post Comments (Atom)
Posts
3 comments:
I read a different report that states which lead the foreclosure problem are now being replaced by other states including TX & NY. This foreclosure problem will have a ripple effect across the nation especially as unemployment continues to rise nationally.
Its interesting that the foreclosure locations are also reported points of destination for "undocumented workers". Something that remains to be studied is how many of the foreclosures are to those that are undocumented. My guess is there may be a sizable number. Perhaps another tragic ironic example of how the system has broken down for the worse.
As a realtor in south florida I am seeing the foreclosure market dry up at an ever increasing rate. In fact, in the past 90 days the total number of foreclosures on the market had declined by 36%.
Post a Comment