U.S. Foreclosures Continue to Soar; NYC Still Not Bleeding
More bad news about the national housing market: Approximately 1 in 11 mortgages in the U.S. were in foreclosure or past due at the end of March, according to a report by the Mortgage Bankers Association. The Times notes that 4.8 million loans were in foreclosure or had notched late payments, and the trend has…
More bad news about the national housing market: Approximately 1 in 11 mortgages in the U.S. were in foreclosure or past due at the end of March, according to a report by the Mortgage Bankers Association. The Times notes that 4.8 million loans were in foreclosure or had notched late payments, and the trend has spread beyond subprime-loan holders. The problems are worst, it’s not surprising to hear, in Florida, California and Arizona. An AP article on the findings says the delinquency rate jumped to 6.35 percent in the first quarter of 2008, and the rate of new foreclosures and late payments were the highest on record since the late ’70s. A spokesperson for the Mortgage Bankers Association expects foreclosures and late payments to continue to escalate as home values in many areas continue to plummet, killing off resale potential. In related news, New York City has still remained mostly insulated from the foreclosure epidemic, according to a report Property Shark released earlier this week. The data site’s findings for May showed that New York City’s new foreclosure rate was down from April, though still up significantly from this time last year. There were 313 new foreclosures in May in all five boroughs, with a whopping 177 of those in Queens. By comparison, Property Shark recorded 55 new foreclosures in Brooklyn last month, and even fewer in every other borough.
About 1 in 11 Mortgageholders Face Loan Problems [NY Times]
Record Foreclosures in 1st Quarter [AP via NY Daily News]
Market Reports [Property Shark]
Do any of the foreclosure statistics indicate the astrological signs of the homeowners?
I’m betting there are more Pisces in foreclosure than any other sign.
Say, you guys- thanks one and all! What- thanks for the contextual info. it makes a world of difference in assessing statistics. (I’ve had that discussion with Mr. Legion).
Wiki- a miracle indeed. Just on another note of curiosity- do any of the foreclosure statistics reflect the income levels of the homeowners? Or even the jobs they held? I mean, could we track by whether they are in finance, or trades for example? Would that even be useful?
bxgrl, through the miracle of Wikipedia:
“The term blue-collar is derived from uniform dress codes of industrial workplaces. Industrial and manual workers wear durable clothing that can be soiled or scrapped at work. A popular element of such clothes has been, and still is, a light or navy blue work shirt. Blue is also a popular color for coveralls, and will frequently include a name tag of the company/establishment on one side, and the individual’s name on the other. Often these items are bought by the company and laundered by the establishment as well.
The popularity of the color blue among persons who do manual labor is in contrast to the ubiquitous white dress shirt that, historically, has been standard attire in office environments. This obvious color-coding has been used to identify a difference in socio-economic class. This distinction is growing more blurred, however, with the increasing importance of skilled labor, and the growth of non-laboring, but low-paying, service sector jobs.”
Hey What…bxgrl ain’t no holla’ back girl!!
Yoo hoo bxgrl! Look at my top post you will see why.
The What
Someday this war is gonna end…
Thank Biff – someone told me the terms came about because City generally blue shirts at one time. Anyone know?
But I’m still curious why certain areas seem hardest hit. Is it the neighborhood demographic? Or is it that particular mortgage companies targeted areas and as they failed, so did their homeowners? Sorry to sound so ignorant on this (just a bitter renter 🙂 ) but it says that the greatest number of foreclosures in FLA, CA and AZ came as no surprise and I’m curious why.
Ok, ok, I was kidding on the white collar thing, although my admin was quite amused to find out she’s considered white collar! Agree with bxgrl re: “blue collar workers”.
But also remember police and firefighters are also considered to be blue collar ( and proudly so)- yet many of them are very highly educated in their fields, and many hold degrees. So blue collar/white collar is a little more hazy these days. FYI the Republican shill refers to himself as Legion.
I’m curious can anyone say why is Queens the hardest hit?
I’m the Republican Shill and you folks had better have your lapel pins on… because I will pin them ON you if you don’t!