Insane Housing Foreclosures Chart
Still skeptical about the intensity of the coming horrific collapse in housing?
For your viewing pleasure, this chart from yesterday’s Los Angeles Times:
And note:
This isn’t another phoney-baloney non-zero-based graph, where the Y axis goes from, say, 1000 to 1005. Nope, this graph’s Y axis starts at zero, and it’s a linear scale, so if it looks 20 times bigger, it is 20 times bigger.
Check out the big foreclosure hump in the center of the graph, about 10 years ago, when housing prices in California had tanked to the point where some houses had lost half their value.
Now look at what the graph has done in the last year, and even the last quarter. That thing’s not even thinking about slowing down, yet.
Think of all the crazy, predatory loans that the subprime lenders made in the last two years, when their whole business model started to collapse. Those things haven’t even started to adjust upwards, so look for the whole mess to continue snowballing for the next couple of years.
Read the full story at The Los Angeles Times:
“Foreclosure pace nears decade high”
April 17, 2007
Chris Gibson wrote:
Man, I would love to see that chart for each of the 50 states (as well as a national average). And then go to some of those states and get ready to Buy Buy Buy! With sub-prime loans, too, of course!
Posted 19 Apr 2007 at 2:29 am ¶
Chris Gibson wrote:
On a separate note, I sneer at your system time, which has not yet been adjusted for daylight savings time (spring ahead, my friend, spring ahead).
Posted 19 Apr 2007 at 2:30 am ¶
Tom Chappell wrote:
I think the problem with the time was in my WordPress admin, rather than the system time. I believe I’ve fixed it now [this entry written 8:30am PDT], but the fix won’t correct entries made while it was wrong.
Posted 19 Apr 2007 at 8:30 am ¶
John Blackburn wrote:
Similar charts for all 50 states *would* be great. This is not theoretical, either. We’re wondering whether to buy a house now after having sold ours last year, or whether to continue renting again for another year. We’re leaning towards renting. Who knows what another year of collapsing home values will bring?
Posted 19 Apr 2007 at 9:55 am ¶