Foreclosures Actually Dropped (If You Don't Count Five States) - Seeking Alpha

IRVINE, Calif. – Sept. 12, 2008 – RealtyTrac, the leading online marketplace for foreclosure properties, today released its August 2008 U.S. Foreclosure Market Report, which shows foreclosure filings — default notices, auction sale notices and bank repossessions — were reported on 303,879 U.S. properties during the month, a 12% increase from the previous month and a 27% increase from August 2007.

Foreclosure filings were reported on 101,724 California properties in August, one-third of the national total and the most of any state. The state’s foreclosure activity increased more than 40 percent from the previous month and more than 75 percent from August 2007. California, Florida and Arizona together accounted for more than half of the nation’s foreclosure activity.

That last sentence motivated the analysis displayed in the chart above. If you exclude the five states with the biggest foreclosure problems (Arizona, California, Florida, Michigan and Nevada), and analyze foreclosures for the remaining 45 states, the results change dramatically. From July to August, foreclosures actually declined by -.41% in those 45 states, compared to a +12% increase when AZ, CA, FL, MI and NV are included. Over the last year from August 2007 to August 2008, foreclosures barely changed in the 45 states, increasing less than 1% (0.89%), much different than the 27% increase with all states.
Bottom Line: Foreclosure problems are highly concentrated in just five states (AZ, CA, FL, MI and NV), which distorts the national picture significantly. Excluding the five states with the biggest foreclosure problems suggests a much less severe problem, and an actual improvement in August foreclosures in the other 45 states (-0.41% vs. July).


rant,
$700 billion for why again? so I can keep the american people in debt for another 80 years?
to tell me that the american people caused this by 5% of defaults with a str8 face is fucked up.
Since more then 51% believe this nonesense, it's become reality now?....


I'm willing to take whatever comes from not bailing them out.
Knowning that my kids might have a chance to not know what it feels like to wear the heavy handcuffs of debt. I was born into this system, but they don't have to be. We are at a crossroads and have the our first opportunity to stand up!! more then the so-called greatest generation ever thought.

Scared to know what life is like without the handcuffs on. Institutionalized is what we have become.

I think of the ending from the movie fight club, and smile.

NOTHING TO FEAR, BUT FEAR ITSELF.

__________________
"Years ago, my mother used to say to me, In this world, Elwood, you must be oh, so smart or oh, so pleasant.' Well, for years I was smart. I recommend pleasant. And you can quote me." Elwood P Dowd.

No one forced the people who took bad loans to take them, so part of the problem rests with them.

The companies that made the loans were not completely forced to make those loans, so part of the blame lies with them.

Our government kind of coerced the companies into making the loans so part of the blame lies with them.

There is No One Party at fault, the fault is spread out.

__________________
Libertas inaestimabilis res est - Liberty is a thing beyond all price. | Sic Semper Tyrannis

both partys are all on board for bailing them out, it's not even a question of if we should....
They set up a system of envy and false opportunity.
The american people participated, like Dangling Carrot.

A form of junk bonds/pyramid scams.
selling worthless portfolios for 10 years.
This is who you point the finger at, but then again this is the same institutions we are about to bail out.

The american people have been Manipulated from the start.
No, the fault isnt spread out. It's lies within a handful of co's...then we have the trickle-down effect. Standing way, way on the bottem is the american people on the blame ladder.The same people who will pay 100% in composition...i.e. on the hook. It's a win win for these institution and I can't see why anything would change knowning that the american tax payer will bail them out in the future.More of the same.
-auto cos just got $50 billion out the back door this week.
airlines/heathcare ect ect ect Who isent standing with their hands out demanding help from the tax payer.
enough is enough.

__________________
"Years ago, my mother used to say to me, In this world, Elwood, you must be oh, so smart or oh, so pleasant.' Well, for years I was smart. I recommend pleasant. And you can quote me." Elwood P Dowd.