2008 Year-End Foreclosure Market Report

Thanks to Mark for forwarding this article:

There is a lot of interesting data provided, particularly in the chart with the state by state comparison. The color coded chart of the United States indicates that people in the larger cities have the biggest problem paying their mortgage. Culture or Circumstances? Hmmmm.....

So what are the numbers that Obama and the Media keep smacking us in the face with? Well, we'll hear some extreme number like the foreclosure rate increased 121% from the previous year. This of course gets everyone worked into a lather and then Obama and the corrupt democrats tell us they can rescue if we will only submit to more government spending on wasteful programs.

According to the chart in the article, 1 in every 171 homes had a forclosure filing. That's one-half of 1 percent (.005). That's not a catastrophic number as being portrayed by Obama and the media.
Rees

from RealtyTrac.com
by Realty Trac Staff

Las Vegas documented the second highest metro foreclosure rate in 2008, with 8.89 percent of its housing units (one in 11) receiving a foreclosure filing during the year.

More than 6 percent of Phoenix housing units (one in 17) received a foreclosure filing during the year, giving the city the fifth highest metro foreclosure rate in 2008.

The foreclosure rate in Fort Lauderdale, Fla., ranked No. 6, with 5.95 percent of the metro area’s housing units (one in 17) receiving a foreclosure filing in 2008. Other Florida cities in the top 10 were Orlando at No. 7 (5.48 percent, or one in 18 housing units) and Miami at No. 8 (5.21 percent, or one in 19 housing units).

With 4.52 percent of its housing units (one in 22) receiving a foreclosure filing during the year, Detroit registered the tenth highest metro foreclosure rate in 2008.
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