Foreclosures not slowing (Atlanta)

[UpInArms]

http://atlanta.bizjournals.com/atlanta/stories/2003/12/08/story7.html

Atlanta's economy may be on the mend, with job creation improving, but that has not stopped the foreclosure rate from increasing 25 percent this year.

For all of 2003, 34,842 homes were in the process of foreclosure, up from 27,784 homes in 2002 and 19,732 homes in 2001. That's a 76.6 percent increase in the number of homes in foreclosure in just a two- year period.

<snip>

The types of homes in foreclosure now are "middle to upper blue- collar homes" priced at $150,000 to $200,000, Rasmus said. "Before we used to see more investors and homes priced under $120,000. Now what we are seeing is the family houses. Someone lost their job or got divorced and couldn't keep the house."

...more...

[kalian]

1. But I'm sure that Saddam's catpure will mend everything....

Oh glorious day...enchanting day. :eyes:

[SadEagle]

2. 25% increase is "not slowing?"

Wheee, I love the headline writers

[UpInArms]

3. wasn't that marvelous editorializing

without saying a word?

Can you imagine the headline if workers' wages had increased 25% in a year?

Would they say they were slowing??

I think not.

[Salviati]

4. that's because it's hard to pay the morgage

when the jobs that are created pay minimum wage with no benifits...
it's hard to pay for that house with a McJob.

-snip-
"Job creation will help stem the foreclosure rate here, "but we haven't seen a real turnaround in wage gains and personal income gains, so there is some evidence that job creation is at modest paying positions," Tutterow said."

[cliss]

5. That's a HUGE amount of homes

being lost to the bank, or credit union. Imagine almost 35,000 homes. That's a small city on its own. Think of the anguish inside each and every one of them. These are apparently nicer homes, too.

Now multiply this by all the metropolitan cities across the US. Include rural areas, and you have the recipe for disaster.

Meanwhile, Bushya keeps telling us that things are getting better by the second! All the figures are up! I wonder where all this good news is going.

[san antonio]

6. It's only going to get worse...

The same economists that predicted either Bush or Gore (didn't matter who won) would get a terrible economy from Clinton are now predicting that the next president is going to get a huge problem with foreclosures from Bush.

With the low interest rates from the past few years, a lot of people that really shouldn't have gotten loans go them. Now they are finding out that they really can't pay them off.

[ProfessorGAC]

16. Who Are These "Economists" Who Predicted This?

I am a published econometric analyst, specializing in causative modeling, so i know lots & lots of economics professionals.

And, i don't know one person who predicted that the economy was going to be bad no matter who won in 2000.

Could you please refer me to some of the "learned" folks who predicted that no matter who won, Clinton would leave behind a "bad" economy?

If you just made that up, then never mind.

The Professor

[mhr]

7. DFW Metroplex Forclosures Up 34% This Year. Plano, TX Up 350% This Year.

eom

[pistoff democrat]

8. Personal bankruptcies are up as are

repo's

Ah, the jobless recovery!

[teryang]

9. The economy is not getting better

Military spending and easy credit are just a Ponzi scheme to postpone the inevitable.

[ProfessorGAC]

15. Teryang Gets An "A" From The Professor

Almost completely correct. The credit thing has already peaked and has nothing to do with the Q3 uptick. Consumer spending has not changed since 4Q01, so the excess credit isn't contributing to the "ponzi" scheme.

The special appropriations and spending 42% of the Pentagon budget in 25% of the year, however, are part of the scheme.
The Professor

[Shadder]

10. Gee, I wonder why...

"The types of homes in foreclosure now are "middle to upper blue- collar homes" priced at $150,000 to $200,000, Rasmus said. "Before we used to see more investors and homes priced under $120,000"

Uh, perhaps thats because there are very few homes in the metro Atlanta area that are priced under $150,000. The home next door to us sold two years ago for $98,000. An identical home on the next street over just sold for $159,000. A new development just down the street from us has new homes that sold from $170,000 to $239,000 on half the size lots as mine.

[gttim]

11. 150,000?

For $150,000 you can buy a small ranch 20 miles outside of Atlanta. That is with a 90 minute commute if you work in the city. Anywhere near Atlanta, or within a stones through of the perimeter, $150,000 buys a 1 or 2 bedroom condo. Actually in Atlanta, a 1 bedroom condo.

[Shadder]

12. Right

But try to find anything in a area that you waoud consider living in for under $150,000. It can't be done.

[Don_G]

13. Louisville KY Reporting In

Foreclousers and bankrupcys are at 160% of last year in the area.

I guess they spent their last buck watching 'Faux" noise.

[NNN0LHI]

14. There have been more pages of home forclosure notices in my...

...local paper than jobs for many months now.

Don