[bale002]

Originally Posted by Wild Style

I absolutely love this video. It shows just how uninformed people are, "they told us they weren't going to go below market value". Earth to home owners, that IS the market value. You over paid, period. I wish I could say this will never happen again but it will. We in America don't have anything in place to stop run ups in home values. It happened just before the great depression, it happened in the 80s again in the 2000s and it will happen again *sigh*

Each time uninformed buyers will get taken for their cash.

Not their cash - they occupy the house on mostly borrowed money - but, in the strictest terms, they get taken for the fruits of their future labor - assuming that they can find real, productive work, and not just some promises for dubious riches based on speculation - and so they also get taken for what little of their own morality they had to begin with.

This is the crux of the matter, gentlemen: real work, real culture, real love.

We lost that virtuous cycle in this country and I'm not sure we'll ever get it back.

[fof5]

Sad part is the uneducated ones you speak of for the most part are in FL,AZ,Ca and nevada,if it weren't for them suddenly the U.S housing mess and credit crunch isn't so bad,the above states hold most of the blame.

The states tax people are just as guilty with their trying to catch lighting in a bottle along with everyone else,to dumb to realize their assesments wouldn't hold true but hey why not make more tax money while we can instead of addressing the problem before it bites us in the arse,I know first hand,I have a lot in FL watched the tax people in FL take taxes from 200 in 02,to a high of 1100 in 06 to this years tax of 500,prices go as follows purchased in 02 for 16,500,high in 06 was almost 90,000 to this year 37,000,that is more then HALF the value in one year.way to go FL.The state reeks of incompentence,fix that and everything else will follow suite.

[CJFlorida]

Originally Posted by fof5

Sad part is the uneducated ones you speak of for the most part are in FL,AZ,Ca and nevada,if it weren't for them suddenly the U.S housing mess and credit crunch isn't so bad,the above states hold most of the blame.
The states tax people are just as guilty with their trying to catch lighting in a bottle along with everyone else,to dumb to realize their assesments wouldn't hold true but hey why not make more tax money while we can instead of addressing the problem before it bites us in the arse,I know first hand,I have a lot in FL watched the tax people in FL take taxes from 200 in 02,to a high of 1100 in 06 to this years tax of 500,prices go as follows purchased in 02 for 16,500,high in 06 was almost 90,000 to this year 37,000,that is more then HALF the value in one year.way to go FL.The state reeks of incompentence,fix that and everything else will follow suite.

Your first line is not completely accurate. When looked at on a percentage basis, the foreclosures are impacting many other states than the ones you list. Colorado, Georgia, and Michigan all rank higher than FL. So according to your post, Colorado must have a high percentage of these "uneducated' people.
The Top Ten Foreclosure States:

1. Nevada
2. Colorado
3. California
4. Georgia
5. Arizona
6. Michigan
7. Florida
8. Ohio
9. Indiana
10. Illinois

[HockeyMom72]

My state didn't even make that list. Interesting.

[fof5]

Top 10 States with Homes in Foreclosure October 2006

1. Colorado 1 out of 337 homes (117 % increase)
2. Nevada 1 out of 389 homes (557 % increase)
3. Georgia 1 out of 449 homes (99 % increase)
4. Michigan 1 out of 623 homes (88 % increase)
5. Illinois 1 out of 632 homes (144 % increase)
6. Florida 1 out of 640 homes (49 % increase)
7. Ohio 1 out of 654 homes (55 % increase)
8. Tennessee 1 out of 668 homes ( 99 % increase)
9. New Jersey 1 out of 675 homes (37 % decrease)
10. Utah 1 out of 718 homes (13 % increase)

Top 10 States With Highest Foreclosure Rate In 2007

January 29th, 2008 | Foreclosure, Top 10 Real Estate Lists
One of 2007’s top stories was the huge increase in foreclosures across the United States. The final numbers have been released by RealtyTrac and they are tough but expected. The worst states hit were markets where speculators walked away from properties or the effects of a miserable Midwestern economy.
Nevada led the way with one out every 33 homes in foreclosure with Florida coming in second with 1 out of 50 homes.
Rank State Total % of Homes
1 Nevada 34,417 3.376
2 Florida 165,291 2.002
3 Michigan 87,210 1.947
4 California 249,513 1.921
5 Colorado 39,403 1.919
6 Ohio 89,979 1.797
7 Georgia 59,057 1.566
8 Arizona 38,568 1.516
9 Illinois 64,310 1.25
10 Indiana 27,980 1.027

[fof5]

Quit fudging your numbers,here is the link.


Top 10 States With Highest Foreclosure Rate In 2007 — The Real Estate Bloggers

[fof5]

LOS ANGELES — More homeowners across the USA are having trouble making mortgage payments on time, but borrowers in metro areas of California, Florida and other once-booming housing markets are accounting for the biggest spikes in foreclosure filings, according to a mortgage research company.
An analysis of foreclosure activity in the nation's 100 largest metropolitan areas during the three months ended Sept. 30 shows seven cities in California and five each in Florida and Ohio were among the top 25 metro areas with the highest foreclosure rates, according to a study released Wednesday by RealtyTrac.

[CJFlorida]

Originally Posted by fof5

Quit fudging your numbers,here is the link.


Top 10 States With Highest Foreclosure Rate In 2007 — The Real Estate Bloggers

Fine, use your list. It still makes my point. You have to look at the percentage of houses in foreclosure. The pain is wide spread and other states share the blame besides the ones you mentioned. Michigan? Colorado? Ohio? It is all over the US and spreading.

[fof5]

Yeah and my first post said Fl,Nevada,Az and Cali..3 are in top 4 and AZ is 8th,knock those states off as I said and things would be much better.

[Wild Style]

CJ is right, it is spreading I also believe some states are lying and or playing with the numbers. Example is, NYC they said the decline in home prices was only 9%. HOWEVER they forgot to mention its because of the extreme high end homes that are selling that has kept this number high. If you look at the under 10 million market prices have fallen thee already by 14% and NYC leads the state in foreclosures.