Silicon Investor (SI) -- The First Internet Community

STOCKTALK

We've detected that you're using an ad content blocking browser plug-in or feature. Ads provide a critical source of revenue to the continued operation of Silicon Investor. We ask that you disable ad blocking while on Silicon Investor in the best interests of our community. If you are not using an ad blocker but are still receiving this message, make sure your browser's tracking protection is set to the 'standard' level.

Pastimes : Clown-Free Zone... sorry, no clowns allowed -- Ignore unavailable to you. Want to Upgrade?

To: Box-By-The-Riviera™ who wrote (346640)	10/26/2007 7:24:53 PM
From: ldo79	Respond to of 436258

Someone will soon smell the glove............... TA folks driving tech higher think fundies don't matter. Like the corpsman in bootcamp said - "bend over and spead 'em". Billions in housing wealth at risk as foreclosures soar Kelly Zito, Chronicle Staff Writer Friday, October 26, 2007 More than $23.6 billion in California housing wealth will evaporate if real estate prices continue to decline and foreclosures on subprime home loans soar, according to a new congressional report that indicates the fallout from the national mortgage crisis is worsening. In addition, over the next two years, the state will lose nearly $111 million in tax revenue from the forecast repossession of 191,000 homes and the spillover effect on neighboring property values, said the study, released Thursday by the Senate Joint Economic Committee. "State by state, the economic costs from the subprime debacle are shockingly high," committee Chairman Chuck Schumer, D-N.Y., said in a statement. "From New York to California, we are headed for billions in lost wealth, property values and tax revenues." The five states with the greatest number of projected foreclosures are California, Florida, Ohio, New York and Michigan. Nationally, some 2 million homes representing $71 billion in housing wealth - coupled with $32 billion in depressed values on nearby homes - and $917 million in property tax revenue are at risk. Last month, the Bush administration had forecast 500,000 subprime foreclosures. tinyurl.com