Here’s a sobering report courtesy of the Associated Press this morning.
Properties in some stage of foreclosure, says the AP, more than DOUBLED from the same time last year. That figure comes from a mortgage data company.
Between July and September, nationwide, 446,726 homes were hit with some form of foreclosure…and that–ready for this–is up 100.1 percent from the same period the year before. 100.1 percent!
California, of course, leads the way . . . Nevada and Florida right up there,too.
And, you are not spared if you live in Michigan, Ohio, Colorado, Arizona, Georgia, Indiana or Texas, either.
Apparently, only the White House at the moment is not in foreclosure!
Article Author:
Charles FeldmanCharles has written 147 articles for us.
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Charles is currently reporting for KNX Radio in Los Angeles, is the co-author of the book No Time To Think, and can be found commenting about the news on his blog, The Feldman Blog.
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{ 7 comments… read them below or add one }
The numbers are out of control. We need to do something to fix this problem. Can anybody say it’s time to stop outsourcing jobs, and keep them here so that we can buy our own products. Keep jobs here and we wouldn’t have to worry about people losing homes, and not being able to afford the things that we have available to purchase, whether it be products or services.
education is the answer, not outsourcing. educate people and train them for new positions.
Im in Texas, Im glad our market isnt as bad as some.
There needs to be some acceptable standard of what banks will lend to people, because unfortunately, if given the option, people will generally borrow more than they can afford. Lenders gave a lot of loans at 100% ltv when property was priced at its peak a year or two ago, which should have made no sense from a lender’s point of view. Now, of course, those are the loans in default as rates adjust and values depress.
I think it depends on who wins the election. The White House could be next:-)
A large percentage of these foreclosures are not because they lost their jobs due to outsourcing. In fact outsourcing and affect on US jobs is another debate.
It is because for the last 5 years, mortgage companies have taken advantage of locking people in to very low ARM loans. Unfortunately, the American way is to live above our means. Once the interest rate increased for these low ARMs, people could no longer afford to make their mortgage payments and had to default.
I don’t know why people still think about outsourcing is the problem. Outsourcing actually brings value with the added benefit of cost advantage.