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Stockton, Ca is the top foreclosure city now with one in every 27 households foreclosing. Detroit comes in second because of job cut backs in the auto industry. Others in the top ten are:
Las Vegas,NV
Riverside/SanBernardino,Ca
Sacramento,Ca
Bakersfield,Ca
Denver,Co
Miami,Fl
Menphis,TN
Cleveland,OH
You can rea more about it here Top 10 Foreclosure Cities - Yahoo! Real Estate (http://promo.realestate.yahoo.com/top_ten_foreclosure_cities.html - broken link)
Did you expect these cities to lead the way in foreclosures? Is the problem as simple as bad loans?
The Denver problem is mainly concentrated in Weld County, which is actually pretty far from Denver and its main suburbs (FWIW). "They" say it was too easy of loans a few years ago.
Did you expect these cities to lead the way in foreclosures?
Detroit - Yes, I can understand it there with many jobs leaving the area.
Miami - Yes; Ridiculous home prices, yet I don't think many well paying jobs having moved into the area. People were (are) getting approved for loans they shouldn't be approved for. My in-laws, with their $45000 annual gross, were approved for a $450,000 loan.
Memphis - No, I don't really know how that happened. It is a very cheap place to live with great deals on homes.
There's no principal "city" here in the Pocono Mountains, so they couldn't be ranked, but I hear of the exploding problems here as well of people being lured in from NYC/NJ to Monroe County, PA only to find out the hard way that they truly can't afford their mortgages and end up defaulting.
Did you expect these cities to lead the way in foreclosures? Is the problem as simple as bad loans?
I don't think the problem is only bad loans, but I think there have been far too many mortgages given to people who could not afford them. The lenders, in their greedy quest to make money, should be ashamed for giving mortgages to people who surely couldn't afford them. But I also blame the people who took those mortgages and didn't do their homework...I'm sure many wanted to believe they could afford it even when clearly they couldn't. And if you are foolish enough to take out a mortgage you can't afford, I suspect you may also the sort of person foolish enough to run up all sorts of credit card debt. Eventually it catches up with you.
It's hard to believe that for people of older generations, debt was an embarrassment and a person almost always paid cash for what they bought. How did America go from that attitude, to today's attitude?
You are right on the money. I am part of the older generation. I do no have a car payment, owe zero on credit cards, have only a modest $600 a month house payment on a $175,000 home.
I get 3 to 4 solicitations a week for credit cards, second mortgages etc, just laugh and put them in the shredder. It is a simple and stressless way of life, more people should try it.
In Weld County, CO, a lot of the forclosures are on smaller homes that people really couldn't afford to buy (obviously). I think some of these folks were somewhat pressured or at least bamboozled into taking out these loans e.g., Go to an open house for a development, sign a "guest book" and someone is pressuring you to buy a house. They make it sound easy, and if you are relatively unschooled in finance, you can get taken. If you talk to your (older) parents, who might advise caution, the money-lender tells you they are "old school". I agree people should take responsibility, but that's how it's done.
Except for cities where industry has collapsed (and Memphis and Weld County), those towns have been built exclusively since WWII and in Sunbelt states. Interesting.
Last edited by Minnehahapolitan; 08-18-2007 at 04:46 PM..
Reason: Ward county is not Weld County, is it?
A lot of them are in the sunbelt. It's too bad this is happening. It must be hard to have your home foreclosed.
Different locatins here may have some different reasons for the high forclosure rate. Job cut backs in Detroit and exotic loans in California.
What cities do you expect to make this high list of foreclosure rates next year?
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