10/2/12, "How foreclosures ate America: Incredible interactive map shows wave of property repossession over the past five years," UK Daily Mail, Nye
"A new map that illustrates
foreclosure rates across the country from January 2007 to July 2012
makes uncomfortable reading for President Obama and his team who insist
that Americans are better off than they were four years ago.
Charting the collapse of the housing boom in 2007, through the election of President Obama and the world financial crisis, the map shows vast swaths of the Southeast, Midwest and West turn purple indicating extremely high numbers of foreclosures.
The fascinating and disturbing colour-coded interactive map (at link) reveals the most recent data in July 2012 doesn't look much better than past maps as the foreclosure epidemic in the United States is laid bare.
To date, nearly eight million Americans have faced foreclosure since the housing bubble burst and with unemployment at over eight percent foreclosures show no signs of reducing over time.
According to RealtyTrac.Com in January 2009, the month that Mr. Obama assumed office, there were 274,399 foreclosure filings nationwide, a figure which peaked at 341,180 in March 2010.
However, the rate of monthly foreclosures did not dip below 200,000 in a single month until March 2012 and last month the figure remained stagnant as 193,508 homes filed for foreclosure.
In San Joaquin, California, the rate of foreclosures was one home in every 303, but fast forward five years and instead of recovery the rate of decline has accelerated to one home in every 153.
In Tulare, also in California, one home in every 388 fell victim to the collapse of the housing bubble, while at the end of President Obama's first term, that had increased to one home in every 254 having to be repossessed.
The coloured map highlights the lowest recorded instances in U.S. counties where one home in every 10,000 faced foreclosure to counties where foreclosures are so acute one property in every 500 has to be returned to the mortgage lender.
What is most noticeable from the 2007 map as compared to the 2012 map is that despite the levels of overall foreclosures falling nationwide, the geographic spread of homeowners in dire financial straits has spread.
In 2007, the epicentres of the collapsed housing bubble where around Georgia, Illinois and California.
However, over the course of five years, the crisis has spread to the whole of the Midwest, through the Rust Belt, along the Great Plains in addition to the three original foreclosure centres.
As a whole this can be taken as an indication of a spreading national problem, in which homeowners are unable to repay their mortgages in areas which once seemed immune to the effects of the financial crisis that began in 2008.
According to RealtyTrac.Com, the national average for foreclosure of properties in 2012, is one in every 681.
Compare these figures to Florida, which in 2012, suffered 27,422 total foreclosures which in a state with a population of almost 20 million was worked out as one property in every 328.
The richest state in America, California, experienced 40,200 foreclosures in 2012, or one in every 340 properties, while Illinois homeowners ran the risk of one in every 298 houses suffering the indignity of foreclosure.
Some of President Obama's supporters, including Moody’s economist Mark Zandi — have argued that this is still President George W. Bush’s economy, and Mr. Obama saved the housing economy from a free fall.
However, most Republican's claim this is President Obama’s economy and the reason unemployment is still high, growth is sluggish and the economy is growing slowly is because of the policies implemented by the current administration." via Lucianne
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Ed. note: California was for long the richest state in the US in terms of natural resources, climate, and geographical situation with its long coastline. How can it be that today it has one of the worst US economies, has among the highest unemployment rates, is among the worst in the housing scandal? Is it because of 'right wing' politics? No, it's the opposite. California has been completely taken over by radical left political causes going back decades, accomplished by convincing idiot residents that doing these things means they "care" more than other people and are therefore more sophisticated, etc. Is it "caring" to starve? Is it "caring" to kill the crown jewel of the United States, once said to be worth one seventh of the US economy? Is it "caring" that 1/3 of all welfare recipients are in California? Or that 1/3 of all SEIU members are in California? Or that the state is ranked worst for doing business? Only a billionaire psychopath would seek to kill a state or a country.
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Spring, 2010, "The Beholden State-How public sector unions broke California," City Journal, Steve Malanga
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12/28/12, "Fresno, Zimbabwe," IBD Editorial
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Ed. note: Please excuse white patches placed behind portions of this post. This was done by hackers. I get the message that google would like me to leave. I'll comply with their wishes in due course.
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