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Strategies & Market Trends : The Residential Real Estate Crash Index
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To: Jim McMannis who wrote (201677)5/11/2009 2:28:14 PM
From: Elroy JetsonRead Replies (2) of 306849
 
"The study found that the 16 to 23 year history for tax-backed and traditional revenue bonds showed less than a 0.25 percent default rate.

Industrial revenue bonds had a cumulative default rate of 14.62 percent, multi-family housing 5.72 percent, and non-hospital related healthcare 17.03 percent. These three sectors accounted for 8 percent of all bonds issued but 56 percent of defaults.

Education and general-purpose sector bonds accounted for 46 percent of issuance but only 13 percent of defaults.

publicbonds.org

During the Great Depression (1929-1937), roughly 16 percent of municipal debt fell into default, compared to a default rate over the past few decades of less than 1 percent. What is interesting, however, is that almost all of the bonds that defaulted during the Great Depression recovered shortly thereafter and investors were made whole. Indeed, 99.5 percent of municipal debt during the Great Depression made all principal and interest payments. During the Great Depression, Arkansas was the only State to file for bankruptcy.

findarticles.com

In California, general obligation bonds enjoy a lien on state revenue second only to spending on education. And in the extreme, a bankruptcy judge can compel issuers to raise taxes or use other funds to fulfill obligations.

moneywatch.bnet.com
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