Map of misery

[moh malekpour]

http://www.economist.com/finance/displaystory.cfm?story_id=11333030

SOUNDING more like a cartographer than a central banker, Ben Bernanke this week showed off the Federal Reserve's latest gizmo for tracking America's property bust: a series of maps that colour-code price declines, foreclosures and other gauges of housing distress for every county in the country. The Fed chairman's goal was to show graphically that falling prices meant more foreclosures, and he went on to urge lenders to write down the principal on troubled loans where the house is worth less than the value of the mortgage. But the jazzy design of his maps—where hotter colours imply more trouble—also makes a starker point. The pain of America's housing bust varies enormously by region. Hardest hit have been the “bubble states”—California, Nevada and Florida, as well as parts of the industrial Midwest. The biggest uncertainty hanging over the economy is how red will things get.

 

[Jerry Dell]

Very informative map. I will imagine the red state's coffers will take a huge hit on revenue.

As to any housing bail out bill. Why should middle america be taxed to help the economies of the coastal states?

 

[Tawfik Ahdab]

Thanks for the link.

I've forwarded it to many clients and colleagues.

 

[William Rightsell]

Great Article.

Thanks for the link.....

As I already knew tho, NC is holding our own. But then again, we didnt see 10-20% (or more) gains year over year for the past 5 years. Like the old saying goes "the bigger they are, the harder they fall".....

I honestly cannot imagine what it feels like to know your biggest possesion has decreased in value 20-30% - on paper or in reality! Thank god NC isnt getting slammed in this mess...I reckon that puts a damper on ones spirits...

todd

 

[Riick]

Don't everyone speak too soon about how their market is A-OK.

Spoke to a Broker yesterday - High-end suburban area.
"Oh Yes, everything is fine here, things are moving nicely."
Did the stats today on that market
.... Oooops, down from 36 sales in 6 mos (10/06-3/07) to 20 sales in most recent 6 mos. Average value down about 4-5%.

A friend told me about a formerly hot market in Philadelphia
--- Whoops, NO sales in last 6 months -- as in ZERO, none.

The Fat Lady has not finished her song.

 

[Austin]

That map explains the bailout. The worst states are the key states in the presidential election. No one can win the presidential election without California, Florida, Ohio, Mich and New England. I see said the blind man.

Looks like the losers have something in common politically speaking. The I want I it now-somebody else's money crowd.

 

[Pamela Crowley (Florida)]

I look forward to showing you all how the data used by the government and others for these statistics is skewed on purpose. We are still pulling it all together.

 

[Riick]

WHAT !!!?
The Government is skewing the statistics ??

"I'm shocked, shocked to find that gambling is going on in here! "
"Your winnings, sir. "
"Oh, thank you very much."
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