Hedly Lamarr: Qualifications?
Job applicant: Rape, murder, arson and rape!
Hedly Lamarr: But you said rape twice?
Job applicant: I like rape!
Hedly Lamarr: ...Kinky!
Posted on 02/13/2008 6:21:15 AM PST by Abathar
LOS ANGELES -- The Detroit area, hit hard by the double-whammy of unemployment and a slumping housing market, had the highest foreclosure rate in the nation last year, with several cities in California ranked close behind, an analysis of foreclosure activity in the country's largest 100 metropolitan areas shows.
Some 4.9 percent of the households in the Detroit metro area were in some stage of foreclosure in 2007 -- 4.8 times the national average, according to the study being released Wednesday by mortgage research company RealtyTrac Inc.
Stockton, Calif., ranked second with about 4.8 percent of its households in some stage of foreclosure, while the Las Vegas metro area was third with a 4.2 percent rate.
Irvine, Calif.-based RealtyTrac determines the ranking by comparing the number of households in a metro area with the number of foreclosure filings, which include notices of default, auction sale notices or bank repossessions.
In all, 72,616 filings on 41,273 properties were reported in the Detroit metro area, which includes Livonia and Dearborn. The foreclosure rate represents a 68 percent jump from 2006, RealtyTrac said.
Michigan has been in a protracted economic downturn and has led the nation in unemployment, a combination that has caused many homeowners to fall behind on mortgage payments.
Another Michigan metro area comprising Warren, Farmington Hills and Troy was ranked 17th, with 2.1 percent of its households facing foreclosure.
"As expected, the number of properties entering some stage of foreclosure in 2007 was up in the vast majority of the nation's 100 largest metro areas, with 86 metros reporting increases from 2006," James J. Saccacio, chief executive officer of RealtyTrac, said in a statement.
In California, where home values more than tripled since 1995, plunging home prices and tighter lending standards chilled the market, leaving many financially strapped homeowners -- some facing steep payment hikes from mortgage rate resets -- with few options.
The slump has been steepest in inland regions that experienced a run-up in home prices and new construction toward the end of the housing boom, so it's not surprising that several of the six cities in the state that ended up ranked among the top 20 metro areas are located in the Central Valley and inland counties in Southern California.
In Stockton, 22,184 foreclosure filings were reported on 10,608 properties last year, up 271 percent from 2006, RealtyTrac said.
The Riverside-San Bernardino metro area east of Los Angeles was ranked fourth, with 102,506 filings on 51,739 homes, a rate of 3.8 percent.
Sacramento was ranked fifth, with 3.1 percent of its households reporting late payments.
The other California metropolitan areas in the top 20 were Bakersfield, ranked seventh; Fresno, ranked 14th; and Oakland at 16th.
The Las Vegas metro area, which also includes Paradise, Nev., reported a total of 59,983 foreclosure filings on 30,375 properties in 2007.
Ohio, which has also been wracked by high unemployment, had four metro areas among the top 20, including Akron at 12th, Dayton at 15th and Toledo at 19th.
The metro area comprising Cleveland, Lorain, Elyria and Mentor was ranked sixth, with some 2.9 percent of all households in some stage of foreclosure, RealtyTrac said.
Miami ranked eighth with a 2.7 percent rate, the highest among all metro areas in Florida. Fort Lauderdale was 10th and Orlando was 20th.
The other areas in the top 20 were Denver-Aurora, Colo., at No. 9; Atlanta-Sandy Springs-Marietta, Ga., at No. 11; Memphis, Tenn., at No. 13.; and Indianapolis at No. 18.
wo0t! detroit holds another #1 ranking!
MI ping
One word: Democrats
I got out of the area in ‘95, really sad when I come across news like this and can’t help but think it could all be different if people actually voted with common sense and not by entitlement mentality.
Nothing to see here, just another example of JennyJenny blowing us away. See tag....
Detroit city taxes are obscene. They’re much higher than some of the most affluent areas of the metro area, and what do residents get? Terrible schools, murder, prostitution, rape, strip clubs, infrequent garbage pickup and snow plowing, broken street lamps and a mayor claiming “I did not have text with that woman” and using over $8 MILLION taxpayer dollars to settle it in a secret agreement.
this should be what the campaign should be about
You mean you can’t use food stamps to pay your mortgage?
90% of them probably should have never been approved in the 1st place.
All of the “why”s don’t matter, what matter is that the rest of Michigan, the REAL Michigan, will be paying for this for years to come. This always happens. Those darn Detroiters get themselves in a bind, and the rest of us end up paying for it.
As for the political bent of those areas, think unions and Dems.
Grew up and lived most of my life in Brighton, believe me I know all about the huge sucking sound coming from a couple of the bigger Michigan cities.
heck, i keep looking at detroit and think, “you know, for a couple hundred dollars, i could prolly buy a couple city blocks, then start my own little gated community.”
then i could start moving conservatives in there.
It will be interesting to see how many UAW workers take the buy-out bonus and simply walk away from their upside down mortgages, move to a southern state and set up shop.
Skilled workers are getting a huge chunk-a-change to leave. Why dump it into a house that is declining in value?
Hedly Lamarr: Qualifications?
Job applicant: Rape, murder, arson and rape!
Hedly Lamarr: But you said rape twice?
Job applicant: I like rape!
Hedly Lamarr: ...Kinky!
I’m willing to bit they are near the top in arson as well.
...and it will get worse. (maybe not, depends on how the auto industry crash goes)
You won't, the ones accepting it will be high seniority employees who are currently eligible to retire (I'm talking Chrysler employees). Those people are being offered the $75 thousand.
One friend of mine is an electrician at Chrysler headquarters with 38 years service and only 58 years old. He has it made in the shade. Drives around the headquarters in a golf cart changing light bulbs. He told me a couple weeks ago there is no way he wants to give up his job.....
Another friend is a tool and die maker at the Mound Rd. engine plant. He's turning 58 this month but only has 22 years of service. His buyout offer does not contain the cash incentive but does include a full retirement benefit. I told him if it was me I would take it because he could just as easy get laid off this summer then his pension entitlement would be a lot less than what is being offered at this time.
Friend number one will stay on due to his personal greed, friend number two will probably stay on out of fear of the unknown and personal need but I hope he chooses to retire.
Detroit: The Workers’ Paradise as delivered by Democratic (single-) Party rule.
Two words: Democratic policies
Come on folks if I lived in Detroit I’d walk away also.
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