I thought this was a good visual representation of what is going on with forclosures across the country. Hope you guys like it too.
Its interesting looking at that map, would housing be an issue if its wasn't an election year and look what swing states are red.. Fl and CA!
Interesting looking map. At first glance in looks like the areas where there's more density (concentration of homes) would normally have the highest foreclosre rates. However, if such was the case... I'm curious why TN and NC have high forclosrue in comparison to the nearby states... Anybody know the answer??? I didn't find any clues at the source of the forclosure map...maybe I missed the info. http://www.realtytrac.com/ContentManagement/pressrelease.aspx?ChannelID=9&ItemID=3988&accnt=64847 Thanks By the way, I was watching a show on TV about the impact of homes in forclosure on the value of the neighbors homes... A neighbor that goes into forclosure will usually impact the value of your own home negatively from 1% - 2%... Scary. Mark
This statement is funny. What's so scary about 1%- 2% ? And show me a neighborhood where there hasn't been foreclosure. I thought priced dropped 4% (national median) everywhere last month. We have places that are shaved 50% already.
I guess that depends on how you define neigborhood... As in zip code, several blocks, school district, city, bike route of the paper boy or what??? I was in Fort Wayne Indiana last year and a friend told me there wasn't a single forclosure house within a 8 block radius...confirmed by her real estate agent nor did I see any. My mom's neighborhood (upper scale suburb) in Illinois doesn't have a single forclosure house confirmed by her real estate agent nor did I see any. Regardless, 50% shaved as you mention is even more scary. I'm still curious why TN and NC is so different in comparison to its neighboring border states. Thanks Mark
Hi Mark, I'm in retail business, and live in South Florida. One of our businesses is renting Budget trucks. First of all, TN, and NC are considered to be two of the most beautiful, friendly, and affordable Southern states. We have sent out more moving trucks to TN, and NC than any other states from our location, last year. And most speculative buyers follow, where the herd goes. I personally have a friend, who bought 10 lots of land, hoping to do a quick flip, and stuck with it right now. I wouldn't be surprised, if he walks away from it. Schaefer
Can't speak to TN and NC, but I can speak to NW MT. I live in the pink corner by Glacier, and like many other parts of the country, the number of people coming in and driving land and home prices up is absolutely amazing. Contractors coming in and buying the wheat fields and hay fields and putting in subdivisions is also amazing. Those living here literally cannot afford to work at Home Depot and afford a house, but they try it anyway. They buy one of these new spec houses and when things slow down (as they are) they can no longer pay 45-50% of their income on housing, it just doesn't add up. Sad to see but it is the nature of things. Make 'em pretty, Chris
Schaefer and DblArrow, Thanks for the info. Starting to look like there was over-development in TN and NC in comparison to their neighboring states. Mark
Forclosure map is only half the story have a look at this post foreclosure housing video clip......conditions not seen since the great depression. <object width="425" height="355"><param name="movie" value="http://www.youtube.com/v/jmeHiFZUWtE&rel=1"></param><param name="wmode" value="transparent"></param><embed src="http://www.youtube.com/v/jmeHiFZUWtE&rel=1" type="application/x-shockwave-flash" wmode="transparent" width="425" height="355"></embed></object>