4 replies to this topic

[pdx5]

Foreclosures are up over 200% in a number of states, and 800-900-1000% in some. Scary. Look at this list of the rise in foreclosures over the last year, from Greg Weldon (www.weldononline.com). Arizona up + 201.7%, Arkansas up + 254.2%, Connecticut up + 920.7%, Delaware up + 389.4%, Florida up + 130.6%, Iowa up + 180.5%, Maryland up + 491.0%, Massachusetts up + 1,127.7%, Minnesota up + 124.9%, Nevada up + 212.2%, Ohio up + 136.0%, Vermont up + 400.0%, Virginia up + 516.4%, Wisconsin up +155.6%, Georgia up +84.5%, Michigan up + 78.6%, New Jersey up + 56.7%, New York up + 66.7%, North Carolina up + 99.0%, North Dakota up + 85.7%, Tennessee up + 57.3%. And on and on. A Congressional report suggests that over 2,000,000 homes financed by subprime loans will go into foreclosure in the next 18 months. This means that more and more of the mortgage-backed assets on the books of banks, CDOs, and SIVs are going to become losses. ------------- Snippet Credit: John Mauldin column

[ed rader]

Foreclosures are up over 200% in a number of states, and 800-900-1000% in some. Scary. Look at this list of the rise in foreclosures over the last year, from Greg Weldon (www.weldononline.com).

Arizona up + 201.7%, Arkansas up + 254.2%, Connecticut up + 920.7%, Delaware up + 389.4%, Florida up + 130.6%, Iowa up + 180.5%, Maryland up + 491.0%, Massachusetts up + 1,127.7%, Minnesota up + 124.9%, Nevada up + 212.2%, Ohio up + 136.0%, Vermont up + 400.0%, Virginia up + 516.4%, Wisconsin up +155.6%, Georgia up +84.5%, Michigan up + 78.6%, New Jersey up + 56.7%, New York up + 66.7%, North Carolina up + 99.0%, North Dakota up + 85.7%, Tennessee up + 57.3%. And on and on.

A Congressional report suggests that over 2,000,000 homes financed by subprime loans will go into foreclosure in the next 18 months. This means that more and more of the mortgage-backed assets on the books of banks, CDOs, and SIVs are going to become losses.

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Snippet Credit: John Mauldin column

foreclosures in california is up 66% from this time last year and shows no signs of slowing. RE has a long way to go on the downside, imo. the price correction is just beginning.

ed rader

Edited by ed rader, 03 November 2007 - 02:27 PM.

[MaryAM]

Thank God I paid my house off nearly 15 years ago. I just wonder if the local governments will slash property taxes as the value of real estate declines. Taxes in my town have gone up over 7% each year for the past four years and now my taxes exceed what my mortgage paymet was with the taxes included - and almost all of it goes to worthless schools (or I should say to school expenses - none of fwhich benefit the kids) that should have been privatized years ago. We have no "inflation" so I can't earn much interest on my savings - because they don't count THINGS THAT I HAVE TO BUY EVERY MONTH. I think its all over but the blood in the streets. Mary Anne Foreclosures are up over 200% in a number of states, and 800-900-1000% in some. Scary. Look at this list of the rise in foreclosures over the last year, from Greg Weldon (www.weldononline.com). Arizona up + 201.7%, Arkansas up + 254.2%, Connecticut up + 920.7%, Delaware up + 389.4%, Florida up + 130.6%, Iowa up + 180.5%, Maryland up + 491.0%, Massachusetts up + 1,127.7%, Minnesota up + 124.9%, Nevada up + 212.2%, Ohio up + 136.0%, Vermont up + 400.0%, Virginia up + 516.4%, Wisconsin up +155.6%, Georgia up +84.5%, Michigan up + 78.6%, New Jersey up + 56.7%, New York up + 66.7%, North Carolina up + 99.0%, North Dakota up + 85.7%, Tennessee up + 57.3%. And on and on. A Congressional report suggests that over 2,000,000 homes financed by subprime loans will go into foreclosure in the next 18 months. This means that more and more of the mortgage-backed assets on the books of banks, CDOs, and SIVs are going to become losses. ------------- Snippet Credit: John Mauldin column [/quote] foreclosures in california is up 66% from this time last year and shows no signs of slowing. RE has a long way to go on the downside, imo. the price correction is just beginning. ed rader [/quote]

[pdx5]

That will be the day when I see a DECREASE in my property tax based on house price declines. I wish George Bush was the assessor & taxing body in my county. So long as we have a public school system to support the property tax has only one way to go...UP! That is what happens when you have a monopoly with no competition. The teacher's union will see to it that it stays that way.

[MaryAM]

Check out the Indianapolis Star and see what the governor of Indiana is doing to property taxes. This should be adopted across the country.
Mary Anne

That will be the day when I see a DECREASE in my property tax based on house
price declines. I wish George Bush was the assessor & taxing body in my county.

So long as we have a public school system to support the property tax has only one
way to go...UP! That is what happens when you have a monopoly with no competition.
The teacher's union will see to it that it stays that way.