Local Housing: Check the Numbers
When it comes to addressing the recession and the nation's housing crises, our area tends to take a defensive stance: "No, not us. We're relatively safe. Check out Phoenix though, they're really screwed." That sort of attitude. Well, our little tri-state region isn't doing as well as I'd expect with regard to the foreclosure numbers. We don't have the worst numbers. Those belong to Nevada, California, and Florida, according to Realtytrac's U.S. Foreclosure Market Report. But, we're no Vermont either! Vermont is number 50 in the rankings of foreclosure rates. In the last month, there were only two properties in the entire state with foreclosure filings. In Nevada--numero uno in the rankings--one in every 139 households received a foreclosure filing during March. Nevada has had the highest state foreclosure rate for the 15 months in row.
But check out these local numbers (again from the U.S. Foreclosure Market Report):
Virginia: National Foreclosure Rating-13; Number of foreclosure properties-4,933.
Maryland:National Foreclosure rating-10; Number of foreclosure properties-4,275
The District of Columbia:National Foreclosure rating-not ranked; Number of foreclosure properties-307
Here's some more information on how the stats were determined: "RealtyTrac Monthly U.S. Foreclosure Market Report provides a count of the total number of properties with at least one foreclosure filing reported during the month — broken out by type of filing at the state and national level. Data is also available at the individual county level. RealtyTrac’s report incorporates documents filed in all three phases of foreclosure: Default — Notice of Default (NOD) and Lis Pendens (LIS); Auction — Notice of Trustee Sale and Notice of Foreclosure Sale (NTS and NFS); and Real Estate Owned, or REO properties (that have been foreclosed on and repurchased by a bank)."
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1:57 pm
RealtyTrac's numbers are inaccurate. Look at the Year Over Year comparison. According to RealtyTrac, DC's March 08 numbers are 6,040% higher than the March 07 numbers.
WTF?
RealtyTrac explains this by saying this percentage might not be totally accurate due to improvements in its collection systems. What does that mean? Were the 07 numbers wrong? Are the 08 numbers wrong? How do you have a 6000% difference and not explain it in a hell of a lot more detail? And why do the media just rely on RealtyTrace without any further digging?
If the City Paper wants to know what the DC numbers are, then send a staffer to the Recorder of Deeds office and check the stats.
10:28 am
Please let me know if I am missing something here. Firstly, is the magnitude in the foreclosure rate among "poor" people really high enough to cause this level of economic disaster?
If so, what percentage of those who had foreclosures due to predatory lending practices, loss of jobs or illness?
Secondly, I don't want to sound paranoid, but, on CNN there was this talk show host, Bill Bootz who accused "poor people" who were financially irresponsible for the economic situation we are witnessing today. Does statistical data support these accusations?
What about the Large Developers that OVER BUILT in many communities across this entire country, driving the housing prices and tax base to the ceiling in a slow-economy environment. There are more empty, " never sold homes" populating my community. How does this factor into the housing crisis equation?
Construction Costs, the affects of gentrification on poor communities, shifts in the economy and how it impacts the general citizenry was also a factor to be considered. Greedy Developers are also never mentioned. What to this data?
It makes more sense that this housing crisis can be the result of NEW HOME DEVELOPMENT COSTS driving the banking industry to provide LARGE LOAN PACKAGES, and creating a situation where the supply of housing outpaced the demand for new housing. An increase in the housing stock in an inflationary environment and where there are busts in any particular industry providing employment is certainly a recipe for eventual failure.
The Saving and Loan Crisis is a recent example of this type of failure. Did we repeat this mistake and are now are using poor people and programs that assisted poor people with homeownership as the scapegoats for this disaster? The magnitude is too out of proportion. I feel that the truth is being denied or suppressed.
My paranoia come from my studies around the strategies of the Nazis and their initial justification for persecuting and eventually exterminating the poor living in the ghettos of Germany. The poor were convenient, powerless scapegoats who were blamed for the down-turn in Germany's economy.
Scapegoating was a very affective tool for killing Sadam Hussein and thousands of Iraqi citizens. The American citizenry digested those lies and parroted the lies as if they were God's truth and so history repeats itself again.
We are in danger of repeating this destructive behavior again. In America, the code word for non-white citizens is "the poor". I am witnessing a growing and disturbing movement toward laying the blamed for this economic down-turn at the feet of loyal, hardworking citizens.
If you know Mr. Bill Bootz or those in the CNN agency who failed to challenge this man, please help by sharing these concerns if the facts do not support the accusations. Blaming the so-called "poor" should not be allowed to roll so easily off of the tongues of the accusers. The consequences are just too great.
SINCERELY,
MARY E. HARDEN