Which states are most/least effected by the bad economy ?
- Thread starter Doug
- Start date
Doc Mercer
EOG Master
Re: Which states are most/least effected by the bad economy ?
Estimates are 46 out of 50 will go bankrupt this year
I think the 4 I saw were like Montana, Wyoming and up in that neck
of the woods
Estimates are 46 out of 50 will go bankrupt this year
I think the 4 I saw were like Montana, Wyoming and up in that neck
of the woods
Doc Mercer
EOG Master
Re: Which states are most/least effected by the bad economy ?
Like every other entity ....
THE GOVT BAILS EM OUT !!!
I know in California the state is handing out IOUs on a lot of transactions
If you want to get a "clear picture" of what is unfolding:
http://www.villagevoice.com/2009-01-28/news/what-cooked-the-world-s-economy/
Like every other entity ....
THE GOVT BAILS EM OUT !!!
I know in California the state is handing out IOUs on a lot of transactions
If you want to get a "clear picture" of what is unfolding:
http://www.villagevoice.com/2009-01-28/news/what-cooked-the-world-s-economy/
janus
EOG Dedicated
Re: Which states are most/least effected by the bad economy ?
doc, you've gotta quit posting that article everywhere like its the bible... that's about the 12th time i've seen you post, link, or reference it, and i'm not even on here that often. nobody with too much intelligence gets their economic opinions from the village voice (of all places). while it wasnt a horrible article, it certainly wasnt good.
doc, you've gotta quit posting that article everywhere like its the bible... that's about the 12th time i've seen you post, link, or reference it, and i'm not even on here that often. nobody with too much intelligence gets their economic opinions from the village voice (of all places). while it wasnt a horrible article, it certainly wasnt good.
Doc Mercer
EOG Master
Re: Which states are most/least effected by the bad economy ?
Really ... what wasn't good about it ?
You are the first to be negative
Reality sucks ... so does the situation we are in
Really ... what wasn't good about it ?
You are the first to be negative
Reality sucks ... so does the situation we are in
janus
EOG Dedicated
Re: Which states are most/least effected by the bad economy ?
to name a few, the article insinuated hedge funds caused a good portion of the current problem somehow because of their mystique & mysteriousness; that sounds like a ghost story or something the SEC would say to divert attention from their inability to regulate a kindergarden class. it also slammed the role of bloomberg (the company), which is nothing short of absurd. might as well blame the wall street journal. or hey, let's sock it to short sellers one more time just for the hell of it.
but i do agree with the conclusion & a good portion of the points made. i just didnt want anyone else to think it was gospel. the village voice is a great rag if you're interested in getting reviews on the latest gay bar in chelsea... but not so much for economics.
to name a few, the article insinuated hedge funds caused a good portion of the current problem somehow because of their mystique & mysteriousness; that sounds like a ghost story or something the SEC would say to divert attention from their inability to regulate a kindergarden class. it also slammed the role of bloomberg (the company), which is nothing short of absurd. might as well blame the wall street journal. or hey, let's sock it to short sellers one more time just for the hell of it.
but i do agree with the conclusion & a good portion of the points made. i just didnt want anyone else to think it was gospel. the village voice is a great rag if you're interested in getting reviews on the latest gay bar in chelsea... but not so much for economics.
texansfan
EOG Master
Re: Which states are most/least effected by the bad economy ?
He was probably looking for a bar and found the article by mistake.
He was probably looking for a bar and found the article by mistake.
Re: Which states are most/least effected by the bad economy ?
For those of us on a fixed income the economy has really yet to have an impact.
For those of us on a fixed income the economy has really yet to have an impact.
Re: Which states are most/least effected by the bad economy ?
What? I don't believe that. You are in the minority.
What? I don't believe that. You are in the minority.
Re: Which states are most/least effected by the bad economy ?
Indiana, Ohio near the top too. One of the cities by me has between 15-20% unemployment. RV manufacturing down the tubes.
Indiana, Ohio near the top too. One of the cities by me has between 15-20% unemployment. RV manufacturing down the tubes.
Re: Which states are most/least effected by the bad economy ?
I get the same check every month. Prices have gone up, but some things have gone down. If you don't own a house and you didn't lose your money in stocks then life has not really changed. You recognize it happening all around you but the effect so far personally is minimal. 401k people are feeling it, but I never had that.
I get the same check every month. Prices have gone up, but some things have gone down. If you don't own a house and you didn't lose your money in stocks then life has not really changed. You recognize it happening all around you but the effect so far personally is minimal. 401k people are feeling it, but I never had that.
OMNIVOROUS FROG
EOG Master
Re: Which states are most/least effected by the bad economy ?
My friend owns an rv lot. He was the dealer, I was the CEO. Between the $5. gallon gas, then the credit crunch, then the economy it died an ugly death. I liked selling them, running the show. On one transaction we netted close to $11,000. But that was before the gas prices, it has yet to recover, and the entire segment is devastated. Longterm businesses and owners are casualties. Either bought up on hostile corporate takeovers, retired or bk'd. Some in business for over 50 years. Lot of perks, including free use for family. One of the hardest hit but least talked about segments. I think the only states not really devastated are those with miniscule economies. The bigger the economy, the more of the impact. Should be able to go right down the line with size of state's economy to current budget shortfall. Most are carrying gigantic debt also.
Best wishes...OF :+waving-5
My friend owns an rv lot. He was the dealer, I was the CEO. Between the $5. gallon gas, then the credit crunch, then the economy it died an ugly death. I liked selling them, running the show. On one transaction we netted close to $11,000. But that was before the gas prices, it has yet to recover, and the entire segment is devastated. Longterm businesses and owners are casualties. Either bought up on hostile corporate takeovers, retired or bk'd. Some in business for over 50 years. Lot of perks, including free use for family. One of the hardest hit but least talked about segments. I think the only states not really devastated are those with miniscule economies. The bigger the economy, the more of the impact. Should be able to go right down the line with size of state's economy to current budget shortfall. Most are carrying gigantic debt also.
Best wishes...OF :+waving-5
OMNIVOROUS FROG
EOG Master
Re: Which states are most/least effected by the bad economy ?
When that dollar amount in that check buys nothing, prices go out of control you will feel it very hard. And the taxman is going to have to bite everyone hard. Just a matter of time.
Best Wishes...OF :+waving-5
When that dollar amount in that check buys nothing, prices go out of control you will feel it very hard. And the taxman is going to have to bite everyone hard. Just a matter of time.
Best Wishes...OF :+waving-5
Flamingo kid
Everybody's hands go UP!
Re: Which states are most/least effected by the bad economy ?
California is the state least affected.
California is the state least affected.
myDixieWrecked
EOG Enthusiast
Re: Which states are most/least effected by the bad economy ?
things are bad in mighigan
things are bad in mighigan
royalfan
EOG Dedicated
Re: Which states are most/least effected by the bad economy ?
Seems to be a little late arriving in Nebraska but it is gradually coming here too. I think it is generally a direct reflection if the population of the immediate area one lives in for the most part. Friends with golf pros locally and I know memberships are down for 2009 in Omaha some, so that tells me something. Sucks and also hard for me to comprehend somewhat, since it does not directly affect me but I just hope everyone, everywhere gets through it and hopefully things get better sooner than later. Everyone only gets to live once, and I hate it when bad things happen to good people..
Seems to be a little late arriving in Nebraska but it is gradually coming here too. I think it is generally a direct reflection if the population of the immediate area one lives in for the most part. Friends with golf pros locally and I know memberships are down for 2009 in Omaha some, so that tells me something. Sucks and also hard for me to comprehend somewhat, since it does not directly affect me but I just hope everyone, everywhere gets through it and hopefully things get better sooner than later. Everyone only gets to live once, and I hate it when bad things happen to good people..
Point Given
EOG Veteran
Re: Which states are most/least effected by the bad economy ?
but Arnold...well....he is living the high life im sure :thumbsup
its baaaad out here
but Arnold...well....he is living the high life im sure :thumbsup
Doc Mercer
EOG Master
Re: Which states are most/least effected by the bad economy ?
Yeah ...
but just fade my ass and "money is no longer a worry" !!!
Yeah ...
but just fade my ass and "money is no longer a worry" !!!
fivedoorsdown
EOG Dedicated
Re: Which states are most/least effected by the bad economy ?
lol was going to say new hampshire. we dont have shit here , the old man fell off the side off the hill before the economy died
lol was going to say new hampshire. we dont have shit here , the old man fell off the side off the hill before the economy died
Doc Mercer
EOG Master
Re: Which states are most/least effected by the bad economy ?
Stick around
things don't get worked out with the jackass scumbag "Elected" officials
in DC rioting in the streets is a real option
People say ... "we are a civilized society"
Yeah ... throw that shit out the window when folks dont have money and
cant find food
We are inching toward "MAD MAX BEYOND THUNDERDOME" days
Stick around
things don't get worked out with the jackass scumbag "Elected" officials
in DC rioting in the streets is a real option
People say ... "we are a civilized society"
Yeah ... throw that shit out the window when folks dont have money and
cant find food
We are inching toward "MAD MAX BEYOND THUNDERDOME" days
Re: Which states are most/least effected by the bad economy ?
Things here in sin city are just peachy. Housing prices have dropped over 30%, development has all but stopped, shopping malls are like graveyards and small busineses are shutting down. I stopped in Target the other day on a Honey do and the shelves are only half stocked.
The local bars are still crowded with people drowning thier sorrows and dreaming of jackpots.
Enough has already been written on the pathetic state of the strip.
Wifey and I are in recession a resistant jobs but I'm ready to get the fuck out of here. After 5 years I'm ready to dump the properties and roll.
:+clueless
Things here in sin city are just peachy. Housing prices have dropped over 30%, development has all but stopped, shopping malls are like graveyards and small busineses are shutting down. I stopped in Target the other day on a Honey do and the shelves are only half stocked.
The local bars are still crowded with people drowning thier sorrows and dreaming of jackpots.
Enough has already been written on the pathetic state of the strip.
Wifey and I are in recession a resistant jobs but I'm ready to get the fuck out of here. After 5 years I'm ready to dump the properties and roll.
:+clueless
Doc Mercer
EOG Master
Re: Which states are most/least effected by the bad economy ?
K-One
its spreading like cancer .... now the MF is in play: the ol MIND FUCK where folks are scared shitless about their jobs so fuck spending money
My age group has never had it bad ... yeah ... well bend on over and take
your medicine:
K-One
its spreading like cancer .... now the MF is in play: the ol MIND FUCK where folks are scared shitless about their jobs so fuck spending money
My age group has never had it bad ... yeah ... well bend on over and take
your medicine:
Flamingo kid
Everybody's hands go UP!
Re: Which states are most/least effected by the bad economy ?
K-One
its spreading like cancer .... now the MF is in play: the ol MIND FUCK where folks are scared shitless about their jobs so fuck spending money
My age group has never had it bad ... yeah ... well bend on over and take
your medicine:
Re: Which states are most/least effected by the bad economy ?
Things dont appear to be too bad here in Oklahoma yet.
Things dont appear to be too bad here in Oklahoma yet.
OMNIVOROUS FROG
EOG Master
Re: Which states are most/least effected by the bad economy ?
Just got done meeting with a lifelong friend I have known for over 30 years. He was on forced furlough today as he is a senior state manager. First one, next one two weeks Friday. They even shutdown his entire department to save on electricity. Empty rooms cost less. But get this, just under a quarter million employeees are affected. That's right, anywhere for 205,000 to 230,000. When has this happened in his career? Never. And he had been a Cal State employee forever. Supposedly 9.2% savings, 1.5 billion by end of 2010. Very tough to get accurate numbers. The person that has to post them must be on furlough. So I also can't untilize that government service today, because it ain't open.
I won't criticize the empty suit as I don't want this thread moved to the political forum. Even though there were a dozen Obama is great threads before and when he was elected. All the way up to the swearing in.
I'll go out on a limb and say even with this desperate measure California will be looking at a 40 billion dollar budget shortfall. I don't see any other state close. I doubt any are in the 30's. So most effected, and I can eye witness it, California.
Best Wishes...OF :+waving-5
Just got done meeting with a lifelong friend I have known for over 30 years. He was on forced furlough today as he is a senior state manager. First one, next one two weeks Friday. They even shutdown his entire department to save on electricity. Empty rooms cost less. But get this, just under a quarter million employeees are affected. That's right, anywhere for 205,000 to 230,000. When has this happened in his career? Never. And he had been a Cal State employee forever. Supposedly 9.2% savings, 1.5 billion by end of 2010. Very tough to get accurate numbers. The person that has to post them must be on furlough. So I also can't untilize that government service today, because it ain't open.
I won't criticize the empty suit as I don't want this thread moved to the political forum. Even though there were a dozen Obama is great threads before and when he was elected. All the way up to the swearing in.
I'll go out on a limb and say even with this desperate measure California will be looking at a 40 billion dollar budget shortfall. I don't see any other state close. I doubt any are in the 30's. So most effected, and I can eye witness it, California.
Best Wishes...OF :+waving-5
janus
EOG Dedicated
Re: Which states are most/least effected by the bad economy ?
imo, the most appropriate measure would be 'effect as a % of state gdp' rather than outright volume comparisons. as the largest state economy, CA will win (lose) any volume based review. new york as the financial capital might take it on the chin harder on a percentage basis; then again, CA's venture capital dry-up isnt pretty. tough to say.
imo, the most appropriate measure would be 'effect as a % of state gdp' rather than outright volume comparisons. as the largest state economy, CA will win (lose) any volume based review. new york as the financial capital might take it on the chin harder on a percentage basis; then again, CA's venture capital dry-up isnt pretty. tough to say.
OMNIVOROUS FROG
EOG Master
Re: Which states are most/least effected by the bad economy ?
Can't argue with that. Percentage comp would be a better overall indicator. We win easily because of the 8th largest economy in the world. When that grinds to a halt, very bad things happen. I think Cali got hit way harder on housing. And the capital like you said is nonexistant. No one can even get money to stay afloat, which is how many smaller businesses are hanging in there, operating in the red. Good chance we win the percentage comp also.
Best wishes...OF :+waving-5
Can't argue with that. Percentage comp would be a better overall indicator. We win easily because of the 8th largest economy in the world. When that grinds to a halt, very bad things happen. I think Cali got hit way harder on housing. And the capital like you said is nonexistant. No one can even get money to stay afloat, which is how many smaller businesses are hanging in there, operating in the red. Good chance we win the percentage comp also.
Best wishes...OF :+waving-5
janus
EOG Dedicated
Re: Which states are most/least effected by the bad economy ?
i was thinking on a biz basis & somehow overlooked a little thing like housing. you're right, its CA by any measure. ironically i left san diego in 2003 because i refused to buy property at those prices & didnt want to piss away any more money in rent. everyone i knew was purchasing condos pre-construction for $700k and selling them 6 months later for $1m, all the while chiding me that san diego real estate would never ever have a negative growth year. so much for high stakes musical chairs.
i was thinking on a biz basis & somehow overlooked a little thing like housing. you're right, its CA by any measure. ironically i left san diego in 2003 because i refused to buy property at those prices & didnt want to piss away any more money in rent. everyone i knew was purchasing condos pre-construction for $700k and selling them 6 months later for $1m, all the while chiding me that san diego real estate would never ever have a negative growth year. so much for high stakes musical chairs.
OMNIVOROUS FROG
EOG Master
Re: Which states are most/least effected by the bad economy ?
I live fairly close to foreclosure capital of the us, or poster city for bad loans. Also worst county in us, percentage wise. Some streets 90% bank owned. Car lots been in business over 50 years closed. Mega Mall stopped construction 25% complete, a ghost town now. Storage lots have waiting lists. Lot of people have home furnishing in storage. Before the bubble burst, 50% occupancy, in a good month. New subdivisions were popping up daily, maybe a 12 year buildout in 2. Everybody had a house. Not no more. None of those people are buying anything. That was the first gigantic domino, or when the snowball formed.
Best Wishes...OF :+waving-5
I live fairly close to foreclosure capital of the us, or poster city for bad loans. Also worst county in us, percentage wise. Some streets 90% bank owned. Car lots been in business over 50 years closed. Mega Mall stopped construction 25% complete, a ghost town now. Storage lots have waiting lists. Lot of people have home furnishing in storage. Before the bubble burst, 50% occupancy, in a good month. New subdivisions were popping up daily, maybe a 12 year buildout in 2. Everybody had a house. Not no more. None of those people are buying anything. That was the first gigantic domino, or when the snowball formed.
Best Wishes...OF :+waving-5
Doc Mercer
EOG Master
Re: Which states are most/least effected by the bad economy ?
Frog:
I didn't realize you lived that close to Crawford, Texas?
Frog:
I didn't realize you lived that close to Crawford, Texas?
OMNIVOROUS FROG
EOG Master
Re: Which states are most/least effected by the bad economy ?
Stockton: Foreclosure Capital USA
by Maricel Ferrer-Custodio on September 13th, 2007
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According to RealtyTrac, Stockton is the foreclosure capital of USA. In a population of 300000, 1 in 27 households is facing foreclosure. Stockton had 8000 foreclosures so far in 2007.
Among the neighborhoods in the area, Weston Ranch; a 15-year old subdivision of modest tract homes has the worst foreclosure rate. In fact, it has 350 homes for sale right now, equivalent to 5 years in inventory.
According to a local broker in Weston Ranch, Geri Taylor:
To avoid this kind of financial crisis, every borrower should aim to be an informed borrower. He should be knowledgeable about the mortgage process and its consequences. Otherwise, he might end up losing more than what he borrowed. With a ruined credit, it will be a lot harder to enter the market again.
Borrowing money to buy a home is a long-term commitment. It is like a marriage that can end up in a costly divorce, when you can no longer commit.
What's up doc?
Best Wishes...oF :+waving-5
Stockton: Foreclosure Capital USA
by Maricel Ferrer-Custodio on September 13th, 2007
<IFRAME id=ch_ad444 name=ch_ad444 marginWidth=0 marginHeight=0 src="about:blank" frameBorder=0 width=0 scrolling=no height=0 allowTransparency></IFRAME>
According to RealtyTrac, Stockton is the foreclosure capital of USA. In a population of 300000, 1 in 27 households is facing foreclosure. Stockton had 8000 foreclosures so far in 2007.
Among the neighborhoods in the area, Weston Ranch; a 15-year old subdivision of modest tract homes has the worst foreclosure rate. In fact, it has 350 homes for sale right now, equivalent to 5 years in inventory.
According to a local broker in Weston Ranch, Geri Taylor:
"Houses are sitting on the market three times as long as in 2006 and the average sale price had dropped by 10 percent?Nobody has a crystal ball, but I don?t expect to see an improvement until 2010."
With foreclosures this bad, what have this community done wrong?
- Many borrowed 100% of their purchase price including their closing costs.
- Adjustable rate mortgages were offered to lot of subprime borrowers.
- Many availed of a teaser rate, but were not able to meet their mortgage commitments when the rates went up.
To avoid this kind of financial crisis, every borrower should aim to be an informed borrower. He should be knowledgeable about the mortgage process and its consequences. Otherwise, he might end up losing more than what he borrowed. With a ruined credit, it will be a lot harder to enter the market again.
Borrowing money to buy a home is a long-term commitment. It is like a marriage that can end up in a costly divorce, when you can no longer commit.
What's up doc?
Best Wishes...oF :+waving-5
OMNIVOROUS FROG
EOG Master
Re: Which states are most/least effected by the bad economy ?
This Weston Ranch was the beginning of the end. The poster development in the poster city. They even say 2 out or 3 bank owned, but it is worse now. And I could forcast this as most of the loans were due to kick up in 2007. This is even a better article. I pull these off of some of the best real estate sites there are.
Ground Zero.... the Foreclosure Capital of America! Stockton, CA
Can I have a minute... to recap 60 minutes from the Foreclosure Capital of America or Ground Zero - Stockton, CA.
Stockton is located 80 miles East of San Francisco and 80 miles North of San Jose. Stockton, CA has a population of over 290,000 people. A large amount of that population moved into Stockton starting back in with the real estate bubble in 2003, coming from the Bay Area and the Silicon Valley. The median house was sold at $230,000 (4 Bedroom single family home). By 2005, that same house had a value of $400,000. And now in 2008, same house is probably selling for 70% or less.
During the 2003 to 2005 yearsthe sub-prime loans really became the loans for those with low to mid credit scores, that were financially strapped and those that used the stated income to obtained loans. As a result of these sub-prime loans many are now facing adjustable increases that are leading to an out of control number of foreclosures in Stockton - and all over California. The heart of the problem of so many foreclosures is the sub-prime mortgage crisis. The worst part of the sub-prime issue began last summer and is still continue to reck the economy.
Couldn't anyone with a "big eye or big vision" seethat we were headed for foreclosure disaster? Where were the forecasters, the predictors, the "know it alls" BEFORE this got out of hand??? And where are they now?
Remember back to 2004-2005 when... and I quote, "you had to apply NOT to get a loan". You could borrow more than what the home was valued at and most loans issued in Stockton, CA were sub-prime loans. They say people were putting money in their pockets at close of escrow. Now over ? are in default or foreclosure. Never mind the people that have already lost their home.
During the last months (actually most of 2007), America has seen a decrease in the worth of investments, real estate decrease and our country getting closer and closer to a recession. Banks loaned money to hundred of billion of home-buyers that now can't pay them back! Interest rates on the sub-prime loans have jumped up 10-11% and people cannot afford that jump. The word "upside-down" has become a household word with homeowners, real estate agents, buyers, investors and others.
This started off being a ?backyard" problem but it is not national news that it is affecting not only the homeowners but Wall Street - who took the risky debt and packaged it as a fancy securities and sold them around the world as safe investments. Right now no one is feeling these are safe.
Who got paid??? (Some)Borrowers, Brokers, Lenders, Wall Street, Giant Mortgage Companies, NY Investmen
t Houses, High Yield Mortgage Companies, Rating Agencies and fired CEOs (City Group - Charles Prince = $29 Million; Merrill Lynch - Stan O'Neal = $161 Million) - just to name a couple. Never mind the 120+ millions in write-off loss.
As of last week there were 4,200 homes in default or foreclosure in Stockton, CA. The report covered the subdivision of Weston Ranch in Stockton, CA. In this area, the FOR SALE signs are everywhere, every corner, and every block. 2 out of 3 For Sale sign is probably a foreclosure or distressed property. And some homeowners are doing nothing so there will be no sign in the yard, no agent and no attempt to hold on. There are properties that are under 70% cheaper priced than a few months ago.
According to the report: Things are getting worse, at least for a while. We're not even 40% of the way into this crisis situation. We have a long way to go... Home prices are going to go down even more. Right now Stockton's foreclosures are leading the way to recession.
This is good because it gets down to places, and names names of CEO's that slinked off into the sunset with millions. The scam of scams.
Best Wishes...OF :+waving-5
This Weston Ranch was the beginning of the end. The poster development in the poster city. They even say 2 out or 3 bank owned, but it is worse now. And I could forcast this as most of the loans were due to kick up in 2007. This is even a better article. I pull these off of some of the best real estate sites there are.
Ground Zero.... the Foreclosure Capital of America! Stockton, CA
Can I have a minute... to recap 60 minutes from the Foreclosure Capital of America or Ground Zero - Stockton, CA. Stockton is located 80 miles East of San Francisco and 80 miles North of San Jose. Stockton, CA has a population of over 290,000 people. A large amount of that population moved into Stockton starting back in with the real estate bubble in 2003, coming from the Bay Area and the Silicon Valley. The median house was sold at $230,000 (4 Bedroom single family home). By 2005, that same house had a value of $400,000. And now in 2008, same house is probably selling for 70% or less.
During the 2003 to 2005 yearsthe sub-prime loans really became the loans for those with low to mid credit scores, that were financially strapped and those that used the stated income to obtained loans. As a result of these sub-prime loans many are now facing adjustable increases that are leading to an out of control number of foreclosures in Stockton - and all over California. The heart of the problem of so many foreclosures is the sub-prime mortgage crisis. The worst part of the sub-prime issue began last summer and is still continue to reck the economy.
Couldn't anyone with a "big eye or big vision" seethat we were headed for foreclosure disaster? Where were the forecasters, the predictors, the "know it alls" BEFORE this got out of hand??? And where are they now? Remember back to 2004-2005 when... and I quote, "you had to apply NOT to get a loan". You could borrow more than what the home was valued at and most loans issued in Stockton, CA were sub-prime loans. They say people were putting money in their pockets at close of escrow. Now over ? are in default or foreclosure. Never mind the people that have already lost their home.
During the last months (actually most of 2007), America has seen a decrease in the worth of investments, real estate decrease and our country getting closer and closer to a recession. Banks loaned money to hundred of billion of home-buyers that now can't pay them back! Interest rates on the sub-prime loans have jumped up 10-11% and people cannot afford that jump. The word "upside-down" has become a household word with homeowners, real estate agents, buyers, investors and others.
This started off being a ?backyard" problem but it is not national news that it is affecting not only the homeowners but Wall Street - who took the risky debt and packaged it as a fancy securities and sold them around the world as safe investments. Right now no one is feeling these are safe.
Who got paid??? (Some)Borrowers, Brokers, Lenders, Wall Street, Giant Mortgage Companies, NY Investmen
t Houses, High Yield Mortgage Companies, Rating Agencies and fired CEOs (City Group - Charles Prince = $29 Million; Merrill Lynch - Stan O'Neal = $161 Million) - just to name a couple. Never mind the 120+ millions in write-off loss.As of last week there were 4,200 homes in default or foreclosure in Stockton, CA. The report covered the subdivision of Weston Ranch in Stockton, CA. In this area, the FOR SALE signs are everywhere, every corner, and every block. 2 out of 3 For Sale sign is probably a foreclosure or distressed property. And some homeowners are doing nothing so there will be no sign in the yard, no agent and no attempt to hold on. There are properties that are under 70% cheaper priced than a few months ago.
According to the report: Things are getting worse, at least for a while. We're not even 40% of the way into this crisis situation. We have a long way to go... Home prices are going to go down even more. Right now Stockton's foreclosures are leading the way to recession.
This is good because it gets down to places, and names names of CEO's that slinked off into the sunset with millions. The scam of scams.
Best Wishes...OF :+waving-5
janus
EOG Dedicated
Re: Which states are most/least effected by the bad economy ?
scam of scams? that's ridiculous. 90% of those people got in it to get rich quick off easy appreciation. "just buy a house & make more in appreciation than you do from your job". californians drank the jim jones kool-aid, and jim jones wasnt the government or CEOs or brokers, it was their own neighbors blathering on that it was a failsafe strategy. almost every average joe californian saw their house as a gold mine & traded them like they were commodities. lets not blame 'the man' for average joe's greed.
scam of scams? that's ridiculous. 90% of those people got in it to get rich quick off easy appreciation. "just buy a house & make more in appreciation than you do from your job". californians drank the jim jones kool-aid, and jim jones wasnt the government or CEOs or brokers, it was their own neighbors blathering on that it was a failsafe strategy. almost every average joe californian saw their house as a gold mine & traded them like they were commodities. lets not blame 'the man' for average joe's greed.
OMNIVOROUS FROG
EOG Master
Re: Which states are most/least effected by the bad economy ?
No these people were uneducated sheep, that have never should have been offered the opportunity to borrow. And never will again. They bought into a dream, only to have it turn out to be a nightmare. They were not greedy, just ignorant and foolish.
Best Wishes...OF :+waving-5
No these people were uneducated sheep, that have never should have been offered the opportunity to borrow. And never will again. They bought into a dream, only to have it turn out to be a nightmare. They were not greedy, just ignorant and foolish.
Best Wishes...OF :+waving-5