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]
Dave, no, I was referring to the one Republican here, not all Repubicans, but having said that, please tell me you at least didn’t vote for W, especially not the second time…Say it ain’t so!!
Biff…I have voted republican in the past and may do so again in the future; but just not the near future. Please don’t paint all of us with the same brush. The current lot in office makes it very hard for me to admit the above though.
Mea culpa
NYC looks strong and it is . This is the Financial capital of the WORLD>
Which is part of the reason their currencies are stronger than the dollar right now!!!
12:15, I realize that, I was just trying to intersperse some levity in my Iraq war rants. Lets get back to teaming up agains the Republican shill…
12:04, we’re on the same page – see my first post above – but the Iraqi civilian body count is estimated at around 100,000, not 1,000,000, which is still 100,000 too many and a tragedy that was avoidable (http://www.iraqbodycount.org/).
As for McCain, let’s stop the bleeding and do what we can to prevent him from getting in office.
Regarding your last statement, I think you’re right. Fortunately other countries haven’t adopted the same aggressive foreign policies as the U.S.
Please June 6, 2008 12:04 PM don’t take about the war with Iraq. You see the Asshats don’t understand. That was a illegal war to generate profits for the Military Industrial Complex. Bush, Cheney and their Homeboys got paid off the plate (Taxpayer)! Bush gave the Asshats their Mutant Real Estate Bubble and American Idol to divert attention from this war. Americans are dumbasses and when Bush leaves, all hell is gonna break lose. Welcome to the Depression Asshats!
The What
Someday this war is gonna end…
Yes Biff – In the rest of the USA people make less than in NYC. 50-90K is pretty good.
NYC isn’t a little bubble, no matter how much we’d like to think so.
Dear PArtisan Republican Shill
Please tell the stock market how good the economy is. It is getting killed today based upon “bogus” bad economic reports.
Please also tell the 1,000,000 dead iraqi’s how well the war is going.
also – 1 question. Since McCain has publically threatend to bomb Iran “bomb, bomb,bomb,bomb, bomb, bomb, Ian”
If he is elected president doesnt Iran have the right to Pre-emptively attack the United States? This is the same logic the Bush used to attack Iraq