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11-01-2008, 10:35 AM
|  | Registered User | | Join Date: Jan 2007 Location: Harpers Ferry WV | | | Thank you Nevada, California, Arizona, Florida, Georgia and Michigan.
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These six states alone account for 60% of the TOTAL (yes TOTAL) mortgage debt that homeowners currently owe more to the banks than their house is actually worth.
If you took these 6 states out of the equation it is actually only one in ten that are in this situation.
I just found this statistic staggering since some of the states listed aren't considered population dense areas compared to other locations.
Your thoughts? |
11-01-2008, 10:37 AM
| | | The houses that are mortgaged may be in those states, but it doesn't mean the people that bought them LIVE in those states. 
I live in Florida..... many of the houses here that are sitting empty are owned by people who live in another state.
Don't blame the states........blame the people who tried to make a quick buck 
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11-01-2008, 12:07 PM
| | Registered User | | Join Date: Oct 2004 Location: Columbus, Georgia | | | Yeah blame the states. That makes it all better.
Try working in the home building business during these times, then come talk to me man.
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11-01-2008, 12:11 PM
|  | is, against all odds, still a scuba viking. | | Join Date: Feb 2007 Location: Alta Loma, California | | you're welcome 
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11-01-2008, 12:12 PM
| | Registered User | | Join Date: Jul 2005 Location: Metro Detroit, Michigan | | | I'll let you blame Michigan... just this one time. |
11-01-2008, 12:17 PM
| | Registered User | | Join Date: Feb 2005 Location: Yuma, Az | | Quote:
Originally Posted by nsmar4211 The houses that are mortgaged may be in those states, but it doesn't mean the people that bought them LIVE in those states. | +1. You could just blame California for Nevada and Arizona. I lived there when people were buying like crazy and driving up prices for people in Arizona...I had a few friends that were priced out of the market. I live in Arizona, now, and they're no longer priced out, they're just waiting for some stability.
Personally, I feel sorry for the people who are getting screwed directly, and I feel sorry for those of us bailing others out who are getting screwed indirectly, but I'm also looking forward to being able to buy a house for the first time as prices drop and my own financial situation improves. Lots of people do well in recessions without hurting others, and I'm gonna be one of 'em.
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Last edited by WalterBush : 11-01-2008 at 12:19 PM.
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11-01-2008, 12:53 PM
| | Registered User | | Join Date: May 2007 Location: San Diego, CA | | | You're welcome?
Anyway...I hope to be in the same boat as you Walter. This housing crisis really stands to benefit young, responsible people in California. Unfortunately, I don't think I'm going to make money fast enough to benefit.
And just to crunch the numbers, the six states you listed make up about 27% of the population of the US. That fact, coupled with the drop in housing prices over the last year here in California along with the previously very high price of land in the state (particularly in comparison with other states) makes the 60% statistic very believable.
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Last edited by thesteve : 11-01-2008 at 02:53 PM.
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11-01-2008, 12:54 PM
| | Registered User | | Join Date: Mar 2003 Location: Orlando | | | Don't blame the banks. Blame the American consumer culture and people buying houses they really can't afford...
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11-01-2008, 02:28 PM
| | Registered User | | Join Date: Oct 2006 Location: Ventura County | | Quote:
Originally Posted by fenderhutz These six states alone account for 60% of the TOTAL (yes TOTAL) mortgage debt that homeowners currently owe more to the banks than their house is actually worth.
If you took these 6 states out of the equation it is actually only one in ten that are in this situation.
I just found this statistic staggering since some of the states listed aren't considered population dense areas compared to other locations.
Your thoughts? | um.. California is the most populated State.
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11-01-2008, 02:33 PM
| | Registered User | | Join Date: Jan 2007 Location: Harpers Ferry WV | | | Those on the list are like 1,4,8,9,16,35 are far as rank and population.
I feel that is a fair spread. |
11-01-2008, 04:11 PM
|  | Evil Alien | | Join Date: Aug 2007 Location: Sacramento, CA | | | You should find out what percentage of the populations of those states are responsible and then blame those percentages of the states' populations rather than the entire states. Just as only a handful of states account for the majority of the debt, only a portion of the people in those states account for the entirety of that majority.
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11-01-2008, 10:57 PM
|  | Online | | Join Date: Apr 2001 Location: Sunapee, New Hampshire | | | That list makes sense to me except for Georgia.
-Mike |
11-02-2008, 01:12 AM
| | Registered User | | Join Date: Mar 2008 Location: southern cal | | Quote:
Originally Posted by Visirale Don't blame the banks. Blame the American consumer culture and people buying houses they really can't afford... | +1. i'm nauseated by the blatant lack of individual responsibility 
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11-02-2008, 01:19 AM
| | Registered User | | Join Date: Sep 2000 Location: Florida | | Quote:
Originally Posted by Visirale Don't blame the banks. Blame the American consumer culture and people buying houses they really can't afford... | Lets blame the banks for financing people they knew couldnt afford these houses. 
The banks know if someone is over extended in debt, what the income of the potential lender is. Yes the person going for the mortgage is an idiot for doing so if they're over extended, so some of the blame should be put on them, but in the long run the bank is still the granter of the loan and giving money to people they know can't afford it. So they do have to bare some of the blame as well.
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Last edited by cassanova : 11-02-2008 at 01:22 AM.
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11-02-2008, 01:51 AM
|  | Registered User | | Join Date: Aug 2006 Location: Rochelle, Illinois | | | Another horrifying truth: 40% of absent days by American workers occur right up against the weekend on Mondays and Fridays.
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11-02-2008, 02:12 AM
| | Banned | | Join Date: Nov 2007 Location: Maine/Vermont | | Quote:
Originally Posted by hbarcat Another horrifying truth: 40% of absent days by American workers occur right up against the weekend on Mondays and Fridays. | Shocking!  |
11-02-2008, 02:23 AM
| | Registered User | | Join Date: May 2005 Location: Glendale, AZ | | | Well, what do you expect when Congress makes the banks extend credit to people that are NOT credit worthy? Most of these people that got the ARM and Interest Only loans were expecting to re-finance once the rates started to climb. The economy started to tank, home values dropped, and they couldn't re-finance because their loans were for more than their houses were now worth. Foreclosure time. Now it's snowballed. Did I say that you can thank Congress? Yeah, you know, those guys that are up for re-election. Those guys that are not taking any responsibility for their part in the Community Re-Investment Act. |
11-02-2008, 03:05 AM
| | Registered User | | Join Date: Jan 2003 Location: Saskatoon, Canada | | | I'd suggest that people do some research into this.
Wall Street traders made a killing by trading bundled, ill-conceived mortgages which were given to people who should never have been lent the money in the first place. The lending standards which led to this crisis were so relaxed as to be laughable; look up NINA loans. The banks, investors, and traders are all totally complicit in this fiasco, and they were the ones who made it happen in the interest of huge profits. They were perfectly happy profiteering on thousands of imprudent loans until reality (and the markets) came crashing down. And yet, some want to blame the poor. Where is the blame on the greedy traders who bought into this scheme and brought down the banks?
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11-02-2008, 10:19 AM
| | Registered User | | Join Date: Sep 2008 Location: Aldergrove, Canada | | | I owe more on my car than it's worth. Where's my bailout??? |
11-02-2008, 10:42 AM
| | Registered User | | Join Date: Aug 2001 Location: Mantua NJ, US | | Quote:
Originally Posted by hbarcat Another horrifying truth: 40% of absent days by American workers occur right up against the weekend on Mondays and Fridays. | your point? that statistic isn't abnormal at all.
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