On the breakdown of mortgage failures vs. income, the trend is the same across the boards. I used Stockton as an example because it is #1. It’s income is way above average.
Most failures are in generally affluent areas that experience mega growth and mega appreciation over the last decade.
I wish I could find info somewhere that just breaks bad mortgages down by income. The reason its important to me is that I believe strongly in home ownership, and if CRA is not to blame, I don’t want starter loans for homes to stop.
I know that the best way to turn someone into a Republican is to make him a homeowner.
Stockton's Median Household Income is $35,453, which isn't all that high, especially when you factor in California housing prices. It has a heavy Hispanic population plus a relatively high (for California) black population.
Seems to me that in Stockton the CRA probably played a major roll in mortgage writing and mortgage foreclosures.
I wish I could find info somewhere that just breaks bad mortgages down by income.
Yes income and also race. Please ping me if you find any.