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UpInArms Donating Member (1000+ posts) Send PM | Profile | Ignore Sun Dec-14-03 04:44 PM
Original message
Foreclosures not slowing (Atlanta)
http://atlanta.bizjournals.com/atlanta/stories/2003/12/08/story7.html

Atlanta's economy may be on the mend, with job creation improving, but that has not stopped the foreclosure rate from increasing 25 percent this year.

For all of 2003, 34,842 homes were in the process of foreclosure, up from 27,784 homes in 2002 and 19,732 homes in 2001. That's a 76.6 percent increase in the number of homes in foreclosure in just a two- year period.

<snip>

The types of homes in foreclosure now are "middle to upper blue- collar homes" priced at $150,000 to $200,000, Rasmus said. "Before we used to see more investors and homes priced under $120,000. Now what we are seeing is the family houses. Someone lost their job or got divorced and couldn't keep the house."

...more...
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kalian Donating Member (1000+ posts) Send PM | Profile | Ignore Sun Dec-14-03 04:46 PM
Response to Original message
1. But I'm sure that Saddam's catpure will mend everything....
Oh glorious day...enchanting day. :eyes:
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SadEagle Donating Member (664 posts) Send PM | Profile | Ignore Sun Dec-14-03 04:50 PM
Response to Original message
2. 25% increase is "not slowing?"
Wheee, I love the headline writers
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UpInArms Donating Member (1000+ posts) Send PM | Profile | Ignore Sun Dec-14-03 04:54 PM
Response to Reply #2
3. wasn't that marvelous editorializing
without saying a word?

Can you imagine the headline if workers' wages had increased 25% in a year?

Would they say they were slowing??

I think not.
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Salviati Donating Member (1000+ posts) Send PM | Profile | Ignore Sun Dec-14-03 04:56 PM
Response to Original message
4. that's because it's hard to pay the morgage
when the jobs that are created pay minimum wage with no benifits...
it's hard to pay for that house with a McJob.

-snip-
"Job creation will help stem the foreclosure rate here, "but we haven't seen a real turnaround in wage gains and personal income gains, so there is some evidence that job creation is at modest paying positions," Tutterow said."
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cliss Donating Member (1000+ posts) Send PM | Profile | Ignore Sun Dec-14-03 04:56 PM
Response to Original message
5. That's a HUGE amount of homes
being lost to the bank, or credit union. Imagine almost 35,000 homes. That's a small city on its own. Think of the anguish inside each and every one of them. These are apparently nicer homes, too.

Now multiply this by all the metropolitan cities across the US. Include rural areas, and you have the recipe for disaster.

Meanwhile, Bushya keeps telling us that things are getting better by the second! All the figures are up! I wonder where all this good news is going.
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san antonio Donating Member (108 posts) Send PM | Profile | Ignore Sun Dec-14-03 04:58 PM
Response to Original message
6. It's only going to get worse...
The same economists that predicted either Bush or Gore (didn't matter who won) would get a terrible economy from Clinton are now predicting that the next president is going to get a huge problem with foreclosures from Bush.

With the low interest rates from the past few years, a lot of people that really shouldn't have gotten loans go them. Now they are finding out that they really can't pay them off.
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ProfessorGAC Donating Member (1000+ posts) Send PM | Profile | Ignore Mon Dec-15-03 10:47 AM
Response to Reply #6
16. Who Are These "Economists" Who Predicted This?
I am a published econometric analyst, specializing in causative modeling, so i know lots & lots of economics professionals.

And, i don't know one person who predicted that the economy was going to be bad no matter who won in 2000.

Could you please refer me to some of the "learned" folks who predicted that no matter who won, Clinton would leave behind a "bad" economy?

If you just made that up, then never mind.

The Professor
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mhr Donating Member (1000+ posts) Send PM | Profile | Ignore Sun Dec-14-03 05:06 PM
Response to Original message
7. DFW Metroplex Forclosures Up 34% This Year. Plano, TX Up 350% This Year.
eom
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pistoff democrat Donating Member (733 posts) Send PM | Profile | Ignore Sun Dec-14-03 05:27 PM
Response to Original message
8. Personal bankruptcies are up as are
repo's

Ah, the jobless recovery!
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teryang Donating Member (1000+ posts) Send PM | Profile | Ignore Sun Dec-14-03 09:34 PM
Response to Original message
9. The economy is not getting better
Military spending and easy credit are just a Ponzi scheme to postpone the inevitable.
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ProfessorGAC Donating Member (1000+ posts) Send PM | Profile | Ignore Mon Dec-15-03 10:45 AM
Response to Reply #9
15. Teryang Gets An "A" From The Professor
Edited on Mon Dec-15-03 10:45 AM by ProfessorGAC
Almost completely correct. The credit thing has already peaked and has nothing to do with the Q3 uptick. Consumer spending has not changed since 4Q01, so the excess credit isn't contributing to the "ponzi" scheme.

The special appropriations and spending 42% of the Pentagon budget in 25% of the year, however, are part of the scheme.
The Professor
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Shadder Donating Member (1000+ posts) Send PM | Profile | Ignore Sun Dec-14-03 09:52 PM
Response to Original message
10. Gee, I wonder why...
"The types of homes in foreclosure now are "middle to upper blue- collar homes" priced at $150,000 to $200,000, Rasmus said. "Before we used to see more investors and homes priced under $120,000"

Uh, perhaps thats because there are very few homes in the metro Atlanta area that are priced under $150,000. The home next door to us sold two years ago for $98,000. An identical home on the next street over just sold for $159,000. A new development just down the street from us has new homes that sold from $170,000 to $239,000 on half the size lots as mine.
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gttim Donating Member (64 posts) Send PM | Profile | Ignore Mon Dec-15-03 10:20 AM
Response to Reply #10
11. 150,000?
For $150,000 you can buy a small ranch 20 miles outside of Atlanta. That is with a 90 minute commute if you work in the city. Anywhere near Atlanta, or within a stones through of the perimeter, $150,000 buys a 1 or 2 bedroom condo. Actually in Atlanta, a 1 bedroom condo.
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Shadder Donating Member (1000+ posts) Send PM | Profile | Ignore Mon Dec-15-03 10:31 AM
Response to Reply #11
12. Right
But try to find anything in a area that you waoud consider living in for under $150,000. It can't be done.
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Don_G Donating Member (1000+ posts) Send PM | Profile | Ignore Mon Dec-15-03 10:38 AM
Response to Original message
13. Louisville KY Reporting In
Foreclousers and bankrupcys are at 160% of last year in the area.

I guess they spent their last buck watching 'Faux" noise.
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NNN0LHI Donating Member (1000+ posts) Send PM | Profile | Ignore Mon Dec-15-03 10:42 AM
Response to Original message
14. There have been more pages of home forclosure notices in my...
...local paper than jobs for many months now.

Don
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