24/7 Wall St.: The States With The Most Homes in Foreclosure

24/7 Wall St.:

While some of the states with high foreclosure rates have had substantial improvements in their economies, others continue to be hit hard. In Nevada and Florida, two states with the highest foreclosure rates, homes lost roughly half of their value over the past five years -- and prices are still falling. Foreclosures that began several years ago and that are still active cannot be the only reason nearly 12% of Florida's homes with mortgages were in foreclosure last year. Home prices in the state fell nearly 50% over the past five years, unemployment remains extremely high, and 17.4% of people with mortgages in the state were 90 days or more late on their mortgage payments.

Read the whole story: 24/7 Wall St.

Comments

[giwel7]

08:52 PM on 02/13/2012

those stats sound like most states only the main street media is not investigating deep enough they really on the real estate industry to give out the stats?

[msbeal]

07:22 AM on 02/12/2012

I went to the article in the link and a sweep of my wayward mouse stumbled on so many pop ups I had to close the page. Pathetic.

[carolgregor]

03:34 AM on 02/12/2012

This is a tragedy for American families and no one is helping the vast majority of people.

[MayorsRevenge]

08:48 AM on 02/12/2012

Who CAN help?

[carolgregor]

08:47 AM on 02/14/2012

Mandating stopping foreclosure on State and Federal levels would be a place to begin.

[Collapsing House Price]

09:03 AM on 02/12/2012

Are the borrowers delinquent?

[frank day]

07:43 AM on 02/13/2012

Are you lobotomized?

[carolgregor]

08:46 AM on 02/14/2012

I keep explaining to you that homeowners were told to Stop paying in order to refinance and then banks made the process impossible because they make more money through insurance, taxes adn and other "incentives". Homeowner's have no representation, have lost all their savings adn still there is this foolish ,Did they pay their mortgage?" question. The banks told people not to pay.

[annjonez]

01:06 AM on 02/12/2012

We're currently in the midst of the greatest mortgage refinancing frenzy of the past 5 or 6 years. Rates are now the lowest they've been since mid to late 2003, I worked with a company called "Official Refinance" I refinanced my current mortgage to 3.12% search online for them if you are planning to do refinance.

[msbeal]

07:22 AM on 02/12/2012

How did you do on points and charges?

[lobeam]

08:39 PM on 02/11/2012

If you want to reduce the numbers of poor people you have to give them loans to buy houses. That’s why we are in paradise now with no more poor people and everyone living in big fine houses. Thanks Barney.

[Zenith1959]

08:57 PM on 02/11/2012

http://youtu.be/sX161ulHrSA

[R Car]

11:33 PM on 02/11/2012

Fanned & Faved

[R Car]

11:34 PM on 02/11/2012

Lobeam,

Let me first say, your name fits you well!

The greatest enemy of the truth is very often not the lie, deliberate, contrived and dishonest, but the myth, persistent, pervasive and unrealistic.

John Kennedy

[MSROADKILL612]

11:40 PM on 02/12/2012

perhaps he hit his head on one

[lobeam]

08:28 PM on 02/11/2012

Good ole Barney and the nanny state giving home loans to anyone who could fog a mirror. Who could have guessed it would end this way? Whenever I put out milk on the back porch the stray cats are dramatically reduced in number. Funny it didn’t work out that way for good ole Barney.

[R Car]

11:36 PM on 02/11/2012

"A man learns by two things. One is reading. The other is association with smarter people."
Will Rogers

[MSROADKILL612]

06:32 AM on 02/12/2012

re latter point - only if he can listen - the more they need to - the less able to it seems - hence the empty vessels .. truism

[msbeal]

07:43 AM on 02/12/2012

At no time was any lender in America forced or encouraged to lend to anyone. That's the Republican hoax ginned up to cover their bu.tt.s at their own incompetence.

At the end of a period, noted by pure, unfettered Republican control of both houses and the presidency the financial system melted down. So what do the Republicans do to avoid responsibility, they point a finger at a lone, gay, Democratic representitive, one who wasn't even in the majority.

Pathetic.

Despite a 600 page Congressional investigation of the meltdown AND a one hundred page Republican rebuttal to said investigation, at no time does anyone find any reference to Barney Franks as the cause. The reason is because it's impossible to find the slightest shred of proof or rational connection.

It's most interesting to realize that this 'Barney caused the meltdown' horse pucky was invented by Fox News within 3 days of President George Bush and Hank Paulson announcing they had melted the economy of the globe. 3 days!!

A two year Congressional investigation, half Republican, could find no connection whatsoever but what do we hear quoted? This self-serving cover excuse invented by Fox News three days after the event.

Super pathetic.

[4eva]

07:09 PM on 02/11/2012

Overbuilt, unsustainable.

[MSROADKILL612]

06:33 AM on 02/12/2012

Mae west lived to a ripe old age

[frank day]

07:47 AM on 02/13/2012

Ha!

[CHARLESTHETENTH]

06:54 PM on 02/11/2012

Some politicians associated with these high foreclosure States are still painting a rosy picture as are the Realtors. What they don't tell you is that resales may show an improvement but it is not the American buyer purchasing these homes but foreign investors. Many Americans still cannot afford a home of their own. All we hear these days from Washington is that things are looking up and relief is just around the corner...hogwash all of it. If the American people don't get it by now they never will....never expect Washington or your local politician to level with you...they just don't teach that in the Ivy League School of Politics. What they do teach is smoke screens and mirrors and political rhetoric that is never white or black but always shades of gray.

[Binea]

07:13 PM on 02/11/2012

so they are selling off pieces of America..and that must be illegal.They probably crashed economy on purpose,probably knew what would happen with the homes,all along..Ron Paul knew and tried to warn everyone..but they all believed the crooks when they said Paul was just a "kook".
anyway..this is BS and we ought to do something about it.All plans they have in mind should be null and void they did NOT have our permission to sell America off to highest bidders

[Collapsing House Price]

07:36 PM on 02/11/2012

Sit tight. Prices are falling, inventory is massive.

And never trust a realtor. EVER.

[Janine547]

12:19 PM on 02/12/2012

You are correct as to realtors. They rate just slightly above a door to door vacuum salesman.

[SwimToCenter]

06:14 PM on 02/11/2012

This article is ridiculous (and quite painful to read through) by suggesting that the length of the foreclosure process is to blame for the number of foreclosures! The absolute number of foreclosures has nothing to do with the length of the process.

Those states with longer periods did so to protect the consumer and allow them time to negotiate and resolve the foreclosure if possible. The apparent suggested solution here, to shorten the length of the process, OVERWHELMINGLY favors Banks and other business at the cost of the homeowner's investments (equity, etc.).

The highest rates are associated with some of the country's most populace states (NY, CA, FL)! And where do greedy Banks and Businesses go to plunder? Where all the people are -- the most populace states (or the most deregulated states!). And why would home prices fall more in those states, such as in FL? Because they were so greedy they built so many homes and took the money of so many people that couldn't afford to be in them that it created a giant Bubble that has collapsed.

By the way they made A LOT of money along the whole path...selling the home at a profit, closing costs, then reselling and repackaging the mortgage into "bundles" that were sold on the world trading floor. Then when it all collapses the Banks get a Bail out by the Taxpayer and Foreclose on the home to sell it again!

[spytheweb]

05:24 PM on 02/11/2012

"While Wall Street and Congress have taken most of the blame for this nation’s ongoing financial crisis, the role illegal aliens have played in the meltdown is often overlooked by most people (and always by the mainstream media)."

"on October 26, 2001, President Bush signed the USA Patriot Act. However, it is a safe bet that almost no one knows contained in section 326(b) of the USA Patriot Act is a provision that allows US banks to accept Mexican Matricula Consular cards as a valid form of ID for opening bank accounts.
It should be noted that while our President and Congress ordered American banks to recognize these Mexican-issued cards, there is not one Mexican bank which accepts their own government’s Matricula Consular card as a valid form of ID, because the bearer’s identity is basically untraceable.
The following is a list of U.S. banks (both regional and national) and mortgage insurers which are known to offer home loan programs targeted at illegal aliens:
-Bank of America
-Citigroup
-Deutsche Bank AG
-Fifth Third Bancorp
-Genworth Financial Inc.
-J.P. Morgan Chase
-Liberty Financial
-Mortgage Guarantee Insurance Corp.
-Plaza Bank
-Wachovia
-Wells Fargo
So there you have it. Those elected to represent we the American people, decided instead to represent the bankers and allow illegal aliens to borrow money, often using the stolen Social Security numbers of American citizens. This so-called sub-prime mortgage crisis was actually nothing more than a massive case of fraud.

Continue reading on Examiner.com Illegal aliens' yet unreported impact on the financial crisis - National Immigration Reform | Examiner.com http://www.examiner.com/immigration-reform-in-national/illegal-aliens-yet-unreported-impact-on-the-financial-crisis#ixzz1m7AgnlpR

[VoteThemAllOut]

06:23 PM on 02/11/2012

The dems on this site do not want to hear this - illegals are future dem voters so no one is allowed to speak ill of them

[moonflowerjewelry]

08:22 PM on 02/11/2012

Moron alert. Shrub says "thanks for blaming it on the Black guy!"

[lobeam]

08:31 PM on 02/11/2012

Pipelines we cant' have. It would ruin the environment. Millions of illegals is OK.

[msbeal]

08:00 AM on 02/12/2012

What you fail to appreciate was that Wall Street was desperate to generate home loans because the secondary market for the packaged paper was super hot.

They didn't care who purchased the property. They needed warm bodies on the loan applications. At that time they would have lent to the family cat if they thought they could teach him to sign his name.

So the fact that they extended this home-purchase, ponzi scheme to Latinos is irrelevant. Had not one loan been given to a Latino WE STILL WOULD HAVE HAD A MELTDOWN.

Wall Street (through Countrywide mortgage and others) used the good name of American real estate (not unlike a guy in the back alley selling Rolex watches), a reputation built up over decades, to scam investors into buying American bundled mortgages.

You want to blame hard working little brown people wanting a slice of the American dream as the culprit when in fact you should look to the greed pigs in corporate Wall Street headquarters that sold this country out BY THROWING UNDERWRITING STANDARDS OUT THE WINDOW.

[MHT73]

07:58 AM on 02/13/2012

Right on target, wish I could fan,

[Pippen]

07:20 AM on 02/14/2012

F&F msbeal preach sistah preach

[naelli222]

05:20 PM on 02/11/2012

Not surprising they are mostly blue (handout) states. Libs like to live beyond what they can afford.

[msbeal]

08:08 AM on 02/12/2012

Blue handout states?? Are you serious?? Blue states like New York and California pay out a lot more federal taxes than federal revenue they bring in. To be fair Texas is also a net loser in the federal taxes game.

Most of the Red states receive a lot more in federal benefits back than they ever pay out.

Studies show that ignorant conservatives, those who are most likely to over reach for the materialism dream, are the ones in trouble right now.

On a personal note, all the liberals I know are doing quite well and all the conservatives I know are suck.ing bilge water financially.

[bd7769]

09:48 AM on 02/12/2012

and then they want the Government to bail them out

[cabinetmaniac]

03:57 PM on 02/11/2012

At least Florida is number one at something.

☮

[lobeam]

08:34 PM on 02/11/2012

You should change your name to "The Good ole Barney State"

[clr1390]

03:39 PM on 02/11/2012

They will still blame Obama!!!!!! Those 2 states got what they deserve. Keep voting Republican, cause you ain't going to have much of a state left......Mitt is gooing to let the free market take over....hope you can last that long....LOL LOL LOL LOLLOLLOLLOLLOL LOL LOL LOL LOL ......

[corwin]

08:28 PM on 02/11/2012

I know! I moved from Illinois to Nebraska. My raise was a mere 135 k/year. I'm still bummed by it. I certainly miss the violence,state refusing to pay me and rising taxes. If you could send m an account of how to break back into prison, I'd return .

[VikingQuest]

03:28 PM on 02/11/2012

"In Nevada and Florida, two states with the highest foreclosure rates, homes lost roughly half of their value over the past five years -- and prices are still falling"

In other words, in places where a lot of people bought 2nd homes.

[MSROADKILL612]

11:32 AM on 02/13/2012

Or to be fair, pre-purchased a place to retire intending to sell the old one, but it never happened due to the gfc

[Captain Hindsight]

03:14 PM on 02/11/2012

Gee, maybe they just built too many houses.
Nevada and Florida are "Vacation States" nice places to visit but no one in their right mind really wants to live there.

[MSROADKILL612]

11:33 AM on 02/13/2012

It does seem odd to retire to the desert