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Old 08-16-2007, 09:00 AM
 
Location: Mesa, AZ
40 posts, read 131,544 times
Reputation: 37

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STOCKTON, DETROIT, LAS VEGAS POST TOP METRO FORECLOSURE RATES

...and now it appears that Countrywide Bank may be going under. No good news for the housing market.

Subprime Meltdown: Countrywide, America's Largest Mortgage Lender, May Have To File For Bankruptcy - Consumerist
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Old 08-16-2007, 09:04 AM
 
Location: Phoenix metro
20,004 posts, read 77,448,457 times
Reputation: 10376
Youre surprised?
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Old 08-16-2007, 09:10 AM
 
27,371 posts, read 27,421,823 times
Reputation: 45899
Surprise, surprise...
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Old 08-16-2007, 10:26 AM
 
Location: Sunny Phoenix Arizona...wishing for a beach.
4,300 posts, read 14,965,529 times
Reputation: 813
Quote:
Originally Posted by kjcramer View Post

At least it's not in the top 3. I actually thought it would be higher on the list than it is.
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Old 08-16-2007, 11:24 AM
 
Location: Mesa, AZ
40 posts, read 131,544 times
Reputation: 37
I was a little surprised actually. It's not just bad in AZ, other parts of the country are in much worse shape because more of the loans were sub-prime in those areas. My wife works for a large national lender and from what she has seen, Arizona over all has some stricter lending laws. A lot of other states that had less restrictions (IE: Michigan) have much higher default percentages if not higher total defaults.
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Old 08-16-2007, 11:38 AM
 
Location: Tucson
42,831 posts, read 88,230,048 times
Reputation: 22814
Quote:
Originally Posted by kjcramer View Post
Would like to say so much... wrote it... and am refraining from posting it...

1. Will be deleted for not being "on topic," as if this topic can be discussed outside of other context...

2. The instillment of fear and paranoia does work. Forums are not that anonymous at all and the current reality has nothing to do with what this country used to be.

God or whoever help all of us!
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Old 08-16-2007, 02:10 PM
 
1 posts, read 1,944 times
Reputation: 10
Agreed that it is only just beginning. The slide could be catastrophic if you factor in Red China's plan to dump USD currency on the world market. France has stopped calls on some hefty hedge funds. If foreclosures were an isolated event, it would sort itself out, with more losers than winners. Not so - what tangled webs we weave.
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Old 08-16-2007, 03:10 PM
 
Location: Tucson
42,831 posts, read 88,230,048 times
Reputation: 22814
Quote:
Originally Posted by Howie Roll View Post
Agreed that it is only just beginning. The slide could be catastrophic if you factor in Red China's plan to dump USD currency on the world market. France has stopped calls on some hefty hedge funds. If foreclosures were an isolated event, it would sort itself out, with more losers than winners. Not so - what tangled webs we weave.
And Red China would have every right to do so! The real question is who and how brought this country to a state of having to depend heavily on foreign investors and be essentially at their mercy and having to have it's currency artificially propped up.

China will not dump the dollars because they cannot afford to do that (obviously they're doing it to keep their own economy and export afloat, not out of a strong desire to support our government's drunk-sailor lifestyle http://www.zianet.com/insightanalytical/deficit_2005_graphic.gif (broken link)), but they can stop buying them. And not because they don't want/need to, but simply because they won't be capable of doing it forever.
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Old 08-16-2007, 06:20 PM
 
Location: Sonoran Desert
39,106 posts, read 51,313,080 times
Reputation: 28346
I can't follow the link but I think it refers to the report that came out a couple days ago. The headline was the same and I presume the data are as well. Phoenix/Mesa is NOT in the top 10 on that report - it was number 22 based on foreclosures per number of households. Tucson was around number 46 or so. While high by historical standards, neither Tucson nor Phoenix has an alarming foreclosure rate. We'll have to see how recent developments in the credit market impact things.
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Old 08-16-2007, 07:58 PM
 
34 posts, read 130,201 times
Reputation: 35
Don't mean to sound like a broken record but we all know that lots of people have mortgages worth more than their home now and are barely making mortgage payments. If the employment market dives there's going to be A LOT of foreclosures and big %age fall in house values. Considering a lot of industry in AZ is reliant on construction....well it doesn't take a Harvard MBA to work this one out....
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