'"The rate of delinquencies is being driven by what is taking place in seven states," Douglas Duncan, the MBA's chief economist, said in a statement. "The percentage of loans in foreclosure would be well below the average of the last 10 years were it not for Ohio, Michigan and Indiana, and the rate of foreclosures started nationwide would have fallen were it not for the big jumps in California, Florida, Nevada and Arizona.
"Those states have special circumstances that do not reflect what is happening in the rest of the country," he said.
In fact, foreclosure starts declined in 24 states, while the rest of the country experienced negligible increases, he said.'
So how does he explain record foreclosures for years in Texas, Georgia and Colorado at much higher levels than a decade ago? Last I checked their economies have been humming, tons of jobs being created and fast growing populations rivaling their more often talked about cousins on the esteemed list above? Only a matter of time before this spreads to every bubble market, yes even the invincible NYC metro area<g> |
