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05-06-2010, 09:49 AM
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3,686 posts, read 8,389,791 times
Reputation: 1806
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Gee...kinda zeroes right into everyones favorite areas.
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05-06-2010, 10:01 AM
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Location: I'm gettin' there
2,666 posts, read 7,048,030 times
Reputation: 837
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OMG they did it by zipcodes.... Walter is going to have fun....
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05-06-2010, 10:18 AM
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Location: Tri-State Area
2,942 posts, read 5,797,163 times
Reputation: 1834
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Wow! 11717 - what a mess!
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05-06-2010, 10:19 AM
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Location: Smithtown, NY
1,697 posts, read 3,808,371 times
Reputation: 1274
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The areas in green don't really surprise anyone do they?
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05-06-2010, 10:26 AM
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Location: Tri-State Area
2,942 posts, read 5,797,163 times
Reputation: 1834
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Quote:
Originally Posted by nassau2suffolk
The areas in green don't really surprise anyone do they?
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The only ones surprised are the residents of those green areas - Wyandach, Uniondale, Mastic, etc. They thought they were living the American Dream - make $5 an hour, buy a house for $450K, pay $200 a month, own the home in 30 years.  They forgot about the exploding interest rate, taxes, insurance and maintenance. |
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05-06-2010, 10:33 AM
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Location: Union County
6,085 posts, read 9,551,761 times
Reputation: 5653
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Quote:
Our calculations of negative equity include only first
liens because second liens are not consistently
available for all loans. Consequently, our calculations
are likely to underestimate negative equity. Inclusion
of second liens would potentially raise debt and lower
borrower equity.
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^^ This right here tells us that this data is only the tip of the iceberg... Considering the popularity of taking a 2nd to beat the PMI (pretty much every mortgage broker will steer you towards that - even today!) and the general "WOO HOO FREE MONEY" HELOC spree of the past, most people are probably in trouble BECAUSE of the 2nd mortgage.
Quote:
Our Long Island data set contains about 61,000 active
nonprime mortgages, of which nearly 40 percent are
distressed: 18 percent are at least ninety days
delinquent, 21 percent are in foreclosure, and
2 percent are REO. Thus, we measure a stock of
distressed loans at a particular time.
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Just wow!
I so wish we could get a hold of the raw data here. |
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05-06-2010, 10:44 AM
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Location: Tri-State Area
2,942 posts, read 5,797,163 times
Reputation: 1834
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Quote:
Originally Posted by MikeyKid
^^ This right here tells us that this data is only the tip of the iceberg... Considering the popularity of taking a 2nd to beat the PMI (pretty much every mortgage broker will steer you towards that - even today!) and the general "WOO HOO FREE MONEY" HELOC spree of the past, most people are probably in trouble BECAUSE of the 2nd mortgage.
Just wow!
I so wish we could get a hold of the raw data here.
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Here's the solution: get them all county jobs (teachers and police) - then they can pay their past due, and keep up with the current payments. It's a win-win, county gets the tax money, people keep their homes, neighborhood values improve. |
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05-06-2010, 11:02 AM
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Location: Inis Fada
16,966 posts, read 33,167,376 times
Reputation: 7690
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Quote:
Originally Posted by FrmlyBklyn
The only ones surprised are the residents of those green areas - Wyandach, Uniondale, Mastic, etc. They thought they were living the American Dream - make $5 an hour, buy a house for $450K, pay $200 a month, own the home in 30 years. They forgot about the exploding interest rate, taxes, insurance and maintenance. |
Wait, wait...that's incorrect. Nobody told them about the exploding interest rate, taxes, insurance and maintenance. It's not their fault that they bought a house they couldn't afford; the mortgage company said they could buy it.
(insert uber sarcastic icon here) |
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05-06-2010, 11:09 AM
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Location: Tri-State Area
2,942 posts, read 5,797,163 times
Reputation: 1834
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Quote:
Originally Posted by OhBeeHave
Wait, wait...that's incorrect. Nobody told them about the exploding interest rate, taxes, insurance and maintenance. It's not their fault that they bought a house they couldn't afford; the mortgage company said they could buy it.
(insert uber sarcastic icon here)
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You are right! It's not their fault, let's blame the NYC school system (most of them emigrated from Queens) for failing to teach them how to read and write English. Must be all that social promotion bs.  |
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