Thursday, August 14, 2008

It's definitely worth a click-thru to checkout this map highlighting the foreclosure rates across the country.

A couple of things jump out at you when you see this image - The Southwest and Florida are in deep, deep trouble. We are at the very beginning of the housing meltdown and many of these counties have 1 out of 25 homes in foreclosure. This problem is not going to be fixed with sound bites and itty bitty bailouts. It's going to take big thinking from our best and brightest. Unfortunately, it may be too late before the message gets to Washington.

What's up with Northern NY and for that matter all of the Northeast? The rate of foreclosures clearly surprised me in the Northeast but I think the NNY numbers are a bit of an anomaly. You get a light blue if 1 in 1,000 to 10,000 homes is in foreclosure and a dark blue county if 1 in 10,000 to 100,000 homes are in foreclosure. Given that most counties in NNY have fewer than 100,000 homes it doesn't take many foreclosures to start skewing the data. It is worth watching however, and if we shift to a majority of pink counties (1 in 250 to 1,000 homes in foreclosure) we may start on a very slippery slope.


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