The 2 Biggest Foreclosure Rates in Dallas

[J. Fees]

And both are after 8 years of republican presidents.

Funny thing is, as bad as this has bad, it was worse in the late 80s, because while there were more foreclosures in 08, the market was half as big in the late 80s.

Coincidence???? Xian tell us, because i'm sure it is.

A record number of homes in the Dallas-Fort Worth area – more than 50,000 – have been posted for foreclosure in 2008.

That's 17 percent more than in 2007 and more than double the number of foreclosure filings in 2002, Addison-based Foreclosure Listing Service said Thursday.

The postings for December were up only about 1 percent to 4,047, but it was enough to push the total for the year to 50,324.

And while that's an all-time high, the overall real estate market in North Texas is more than twice as big as it was 20 years ago – the last period of such high foreclosure rates.

"So, in reality, it's still not as bad as it was in the late 1980s," said George Roddy, president of Foreclosure Listing Service.

Denton County, where postings grew 28 percent, had the biggest gain in foreclosure postings for the year.

Collin County was second, with a 23 percent increase from 2007.

About 40 percent of the houses posted for foreclosure each month are sold at auction by the lender. In the other cases, the loan is renegotiated or other arrangements are made.

Despite high foreclosure numbers, there are signs that the number of properties threatened with forced sale is leveling off.

Monthly foreclosures in the four-county area hit a high point in February, with more than 5,300 postings, and have been lower since then.

And December's postings mark the second month in a row that the number of filings in the area has gone up just 1 percent from a year earlier.

"It's good news if that trend continues," Mr. Roddy said. "We've said for a while we think we have peaked out."

Also, the age of the loans going into default – less than two years – is significantly shorter than a year ago.

"It's very apparent that the age of the loan is moving more current, which means that perhaps there are less of them in the pipeline," Mr. Roddy said.

[tricky]

Originally Posted by J. Fees

Coincidence???? Xian tell us, because i'm sure it is.

hah, Can't wait for the spin!

[paigesauce]

it must have some sort of direct correlation to the $30k millionaire douche bags that we are surrounded with everyday. no?

[Dionysos]

It was WAY worse in the 80s, and it had ZERO to do with who was President at the time. It had everything to do with the oil prices cratering in a state that was way too dependent on one industry.

[PETA]

Originally Posted by Dionysos

It was WAY worse in the 80s, and it had ZERO to do with who was President at the time. It had everything to do with the oil prices cratering in a state that was way too dependent on one industry.

you must be lying - clearly everything that is wrong is a result of 8 years of Bush in the whitehouse

One problem was the affordable housing scheme pursued by Freddie and Fannie. Esssntially, it mimiced in some very bad ways the S&L crisis. It also occured after the collpase of oil prices. All of which were secretly controlled by Bush as a figure head with Cheney as the evil genius workni behind the scene with Halliburton.

Both situations saw widespread real estate speculation because money was cheap. The S&L crisis of course had lots of Texas speculation in CA and other markets in tax shelters because even re that lost money was worth the tax offset. The change in the code blah blah blah,.... arrest Bush, he did it, he's a very bad man he made people take out ARMs they couildn't pay for.

[progress]

Originally Posted by St. Stalin the Apathetic

he made people take out ARMs they couildn't pay for.

Why can't people get this through their heads?

[Dionysos]

Originally Posted by St. Stalin the Apathetic

you must be lying - clearly everything that is wrong is a result of 8 years of Bush in the whitehouse

You're not helping me agree with you.

There's a lot more complicity from DC(on both sides) in the current foreclosures than there was in the 80s, though the S&L scandal didn't help things. Still, without oil prices dropping into the teens, Texas would have been in a lot better shape back then. There's some good that came out of it though; Texas as a state started aggressively diversifying its industry sources.

[PETA]

Originally Posted by progress

Why can't people get this through their heads?

well, feezy and that ilk of shameless Bush apologists simply cannot understand reason

Originally Posted by Dionysos

You're not helping me agree with you.

There's a lot more complicity from DC(on both sides) in the current foreclosures than there was in the 80s, though the S&L scandal didn't help things. Still, without oil prices dropping into the teens, Texas would have been in a lot better shape back then. There's some good that came out of it though; Texas as a state started aggressively diversifying its industry sources.

You're talking S&Ls? The '86 code changes coupled w/the oil drop were way up there. There was certainly complicity in DC and its the same (or worse) with Fannie and Freddie. As GSEs they were government backed but they could also lobby their regulators who, incidentally, regarded them as pet project banks. Congressmen were more than happy to send letters on behalf of "deserving" borrowers. Which made it all the more difficult to rein the GSEs in. .. sorry.... blackwater, halibutron....rabble rabble...impeach... rabble rabble... cheney..rabble..vampire..rabble...rabble...

[Nyteshade]

Originally Posted by paigesauce

it must have some sort of direct correlation to the $30k millionaire douche bags that we are surrounded with everyday. no?

It's all Bush's fault and has nothing to do with people living outside of their means. Didn't you get the memo?

[paigesauce]

Originally Posted by Nyteshade

It's all Bush's fault and has nothing to do with people living outside of their means. Didn't you get the memo?

right......

[Cock Puncher]

reganomics



lol

[J. Fees]

i'm not saying its all bushes fault, but both times you have a 8 years of republican policies and presidential administration you get a shitty result. That is a fact.

[paigesauce]

ive said it before and ill say it again. me, working in it first hand, i know that it is a double edged sword. loose guidlines from lenders enabling the borrower to refi and the fucking idiot borrowers signing shit w/o reading it. now property value is down, prices are up and when they try to refi now, they're fucked. cry me a river.
i do beleive that there are many other extremely influential activists in fannie and freddie. not just bush to say the least. this started before his first election but you are right in the fact that he did nothing about it.

[PETA]

Originally Posted by J. Fees

i'm not saying its all bushes fault, but both times you have a 8 years of republican policies and presidential administration you get a shitty result. That is a fact.

Right and the 4 years of Carter saw the worst economy this side of the depression.... yes much worse than this recession is expected to be. Bush II took over an economy careening into recession.... following 8 years of a democratic adminstration. Also facts.

Fact is that 8 years is a long time and economic cycles don't rise and fall with the election cycle so any 8 year administration is very likely to see at least one recession.

Originally Posted by paigesauce

but you are right in the fact that he did nothing about it.

the GOP did try to reform Fannie and Freddie and Barney Frank torpedoed the legislation... he said the proposed regulations would prevent Fannie and Freddie's primary mission which was to create afforardable housing. Sounds great on its face but the fact remains, some people don't have the financial where-with-all to own a home but this didn't prevent Fannie and Freddie from buying up the mortgages of those who didn't.

[J. Fees]

Originally Posted by paigesauce

ive said it before and ill say it again. me, working in it first hand, i know that it is a double edged sword. loose guidlines from lenders enabling the borrower to refi and the fucking idiot borrowers signing shit w/o reading it. now property value is down, prices are up and when they try to refi now, they're fucked. cry me a river.
i do beleive that there are many other extremely influential activists in fannie and freddie. not just bush to say the least. this started before his first election but you are right in the fact that he did nothing about it.

exactly, and obviously its the people's fault for the loan, and conservatives want to blame them, but at some level lenders are like piranahs and when they smell the blood in the water(ie money to be made) they're going to take it. It didn't take a genius to figure out that this was going to happen, much like the S&L scandal, but its up to someone in the gov't to step in an do something, that why they have regulatory agencies.