Phoenix makes Top 10 Foreclosure List for First Half of 2007 (Tucson: mortgage, credit)

[kjcramer]

STOCKTON, DETROIT, LAS VEGAS POST TOP METRO FORECLOSURE RATES

...and now it appears that Countrywide Bank may be going under. No good news for the housing market.

Subprime Meltdown: Countrywide, America's Largest Mortgage Lender, May Have To File For Bankruptcy - Consumerist

[Steve-o]

Youre surprised?

[Livewire]

Surprise, surprise...

[sheena]

Originally Posted by kjcramer

STOCKTON, DETROIT, LAS VEGAS POST TOP METRO FORECLOSURE RATES

...and now it appears that Countrywide Bank may be going under. No good news for the housing market.

Subprime Meltdown: Countrywide, America's Largest Mortgage Lender, May Have To File For Bankruptcy - Consumerist

At least it's not in the top 3. I actually thought it would be higher on the list than it is.

[kjcramer]

I was a little surprised actually. It's not just bad in AZ, other parts of the country are in much worse shape because more of the loans were sub-prime in those areas. My wife works for a large national lender and from what she has seen, Arizona over all has some stricter lending laws. A lot of other states that had less restrictions (IE: Michigan) have much higher default percentages if not higher total defaults.

[sierraAZ]

Originally Posted by kjcramer

STOCKTON, DETROIT, LAS VEGAS POST TOP METRO FORECLOSURE RATES

...and now it appears that Countrywide Bank may be going under. No good news for the housing market.

Subprime Meltdown: Countrywide, America's Largest Mortgage Lender, May Have To File For Bankruptcy - Consumerist

Would like to say so much... wrote it... and am refraining from posting it...

1. Will be deleted for not being "on topic," as if this topic can be discussed outside of other context...

2. The instillment of fear and paranoia does work. Forums are not that anonymous at all and the current reality has nothing to do with what this country used to be.

God or whoever help all of us!

[Howie Roll]

Agreed that it is only just beginning. The slide could be catastrophic if you factor in Red China's plan to dump USD currency on the world market. France has stopped calls on some hefty hedge funds. If foreclosures were an isolated event, it would sort itself out, with more losers than winners. Not so - what tangled webs we weave.

[sierraAZ]

Originally Posted by Howie Roll

Agreed that it is only just beginning. The slide could be catastrophic if you factor in Red China's plan to dump USD currency on the world market. France has stopped calls on some hefty hedge funds. If foreclosures were an isolated event, it would sort itself out, with more losers than winners. Not so - what tangled webs we weave.

And Red China would have every right to do so! The real question is who and how brought this country to a state of having to depend heavily on foreign investors and be essentially at their mercy and having to have it's currency artificially propped up.

China will not dump the dollars because they cannot afford to do that (obviously they're doing it to keep their own economy and export afloat, not out of a strong desire to support our government's drunk-sailor lifestyle http://www.zianet.com/insightanalyti...05_graphic.gif), but they can stop buying them. And not because they don't want/need to, but simply because they won't be capable of doing it forever.

[Ponderosa]

I can't follow the link but I think it refers to the report that came out a couple days ago. The headline was the same and I presume the data are as well. Phoenix/Mesa is NOT in the top 10 on that report - it was number 22 based on foreclosures per number of households. Tucson was around number 46 or so. While high by historical standards, neither Tucson nor Phoenix has an alarming foreclosure rate. We'll have to see how recent developments in the credit market impact things.

[az1969]

Don't mean to sound like a broken record but we all know that lots of people have mortgages worth more than their home now and are barely making mortgage payments. If the employment market dives there's going to be A LOT of foreclosures and big %age fall in house values. Considering a lot of industry in AZ is reliant on construction....well it doesn't take a Harvard MBA to work this one out....