Foreclosure reality in the United States
Foreclosure reality in the United States – Hugh
The RealtyTrac statistics therefore need to be kept in perspective. Realty Trac comment.
Forbes report - Matt Woolsey
Realty Trac 2007 foreclosure statistics by State
There has been no estimate of the actual financial losses of foreclosures / defaults / re arrangements by State. It would appear that the “bubble markets” of Floridaand Californiacombined with 18% of the USpopulation and 32% of the actual 2007 (reported – noting lags) foreclosures may account for in excess of 70% of the actual financial losses.
No doubt United Statesresearchers and media will be assessing the actual financial losses by State in the near future. The “bubble States” appear to be experiencing the biggest hits - which no doubt will lead to risk re pricing for individual States / localities in due course.
In essence – the higher the Median Multiple (refer 2008 Demographia Survey) – the higher the interest rates. Normal urban markets should not exceed 3.0 Median Multiple. Above this is essentially artificial “fake value”.
Scoop New Zealand - Hugh Pavletich articles