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Strategies & Market Trends : The Residential Real Estate Crash Index -- Ignore unavailable to you. Want to Upgrade?

To: bentway who wrote (88223)	9/6/2007 1:16:53 PM
From: Jim McMannis	Read Replies (1) \| Respond to of 306849

Dubya wasn't dumb or smart enough to create the mortgage mess. It prolly bindsided him.

To: bentway who wrote (88223)	9/6/2007 1:48:41 PM
From: GraceZ	Read Replies (3) \| Respond to of 306849

Not quite, if there are 2 million next year, it'll be 1 in 62 American homes or at a rate not seen since the Great Depression. That is if you don't count all the farms foreclosed on (which was where most of the population still lived. I'm descended from a family that lost their farm in the Great Depression. From the NYT article that the NPR story quoted: Indeed, what was once a problem confined mostly to economically struggling areas is quickly becoming a national phenomenon. Last year, there were 1.2 million foreclosure filings in the United States, up 42 percent from 2005, according to RealtyTrac, a firm that analyzes such data. At current rates so far this year, RealtyTrac expects foreclosure filings to hit two million in 2007, or roughly one per 62 American households — a rate approaching heights not seen since the Great Depression. Consider that 1 in 4 families in the Great Depression lost their incomes. 1 in 4 farms were foreclosed on. 200,000 families were evicted from rental housing in NYC alone. I don't think a foreclosure rate of 1% comes anywhere near that debacle. Also, consider just how many of those foreclosures represents RE speculators and investors getting their clocks cleaned.