Wednesday, June 6, 2012

Shocking Maps of USA Housing Misery (Foreclosure)

Pictures are Worth a Thousand Words

March 2007 - USA Map of MORTGAGES 30+ days delinquent or in Foreclosure

March 2012 - USA Map of MORTGAGES 30+ days delinquent or in Foreclosure
Although distressed mortgages were said to have peaked in 2010, a majority of these delinquencies & foreclosures were isolated to just a few states. Now (March 2012) it is painfully obvious that large regions of the country are suffering according to a 38 page report * from the Federal Reserve Bank of St. Louis.
*Report by James Bullard, President & CEO, FRB-St. Louis

Picture of current recovery....courtesy of Calculated Risk Blog (HERE)

More "distress" to come as previously reported:

Drowning in Debt - Underwater Mortgages - Next Crisis



More Honest Housing Assessments:
Michael Olenick: Beware of Housing Market Cheerleading (NAR ,NAR or WSJ)

Robert Reich: Housing is the rotting core of US Recovery
The biggest continuing problem for most Americans is their homes. Purchases of new homes are down 77% from their 2005 peak ... home sales overall are still dropping and prices are still falling.....
Houses are the major assets of the middle class. Most Americans are therefore far poorer than they were six years ago. Almost one out of three homeowners with a mortgage is now “underwater”, owing more to the banks than their homes are worth on the market.
Optimists point to declining home inventories in relation to sales, but they are looking at an illusion. Those supposed inventories do not include about 5 million housing units with delinquent mortgages or those in foreclosure, which will soon be added to the pile. Nor do they include approximately 3 million housing units that stand vacant – foreclosed upon - but not yet listed for sale, or vacant homes that owners have pulled off the market because they can’t get a decent price for them.

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