Although Alan Greenspan may be looking for a bottom in housing soon, the folks in Denver, Colorado are not so lucky: USA Today has a surprisingly ugly Google mashup of the foreclosures in a neighborhood in Denver.
Lenders foreclosed on about 7,700 homes in Denver last
year; officials expect 11,000 this year, mirroring a national increase.
Among the neighborhoods hardest hit was this corner of the Green Valley
Ranch subdivision.
The map shows foreclosures since late 2006 in Red
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Thanks, Doug.
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Sources:
Mortgage defaults force Denver exodus
Brad Heath and Charisse Jones
USA TODAY, April 4, 2008 01:11 PM ET
http://www.usatoday.com/money/economy/housing/2008-04-01-foreclose_N.htm
Denver Foreclosure Map
http://www.usatoday.com/news/graphics/foreclosure_map/foreclose.htm
Imagine if we’d have spent all that wasted capital on stem cell research, invested it in training, education – birth control? – in poor oppressed Islamic countries, or had a adult-rated, semi-sexy, semi-violent video game that you could only win if you saved a big chunk of your income?
” Lenders concede they’re partly to blame for the collapse of some high-risk loans ”
Ya think?
D doesn’t just stand for deflation any more.
If you connect all the red “dots” there is a striking resemblance of Alan Greenspan.
A recession is when your neighbor’s house is foreclosed on (and now you’re “upside down.”)
A Clinton depression is when your house has been foreclosed on (and you’re still a Republican.)
Bush Approval Rating at an New Low
http://ap.google.com/article/ALeqM5jR80ylRipRFz_BSPltSUJ06-lMegD8VV3RI00
http://www.cohomefinder.com/ps?&city=Denver&sub=Green-Valley-Ranch&dt=1
Why does the Government bail these people out? Interest rates are at an all time low. If they purchased a home in the last 3-5 years they are not paying historically high rate. Some people spent more than they could afford!
This is the map of one (did I say ONE) real estate flipper going belly up.
These are NOT multiple homeowners. I actually know the flipper (I am living 10 miles from this development). It was in the local papers.
Barry, provide the wider map and you will not see any red homes within 10 miles radius around this development.
Looking at this neighborhood and others in various article, it is obvious that the bailout schemes will not work. In this neighborhood the foreclosures have already occured and there will be no help for the poor bastards left behind unless they are in dire straits. The ones that arfe still employed with enough money to m ake their payments are screwed. Their house has dropped dramatically, they are upside down, and comps in the neighborhood are probably 60 % of what they paid. The only option would appear to be a walkaway with the whole subdivision becoming a ghost town. Stay the course here only leads to more pain.
I’m color blind. I don’t see anything wrong!!!!!
Misleading map,
It’s almost scarier that a flipper could get financed for this. I could see a developer getting financed and building out too much on spec, but a flipper?
Misleading map,
The USA today article mentions a number of individual homeowners in the area being foreclosed. How does your flipper fit into this?
Misleading Map, I’m not surprised. My thoughts exactly. Zoom out and a certain name comes to mind: Chicken Little
Aside from the awesome golf course, this neighborhood isn’t an attractive place to live and I suspect that home values have suffered substantially more than the rest of Denver as a whole.
“The only option would appear to be a walkaway with the whole subdivision becoming a ghost town. ”
That’s exactly what will happen. Until the price of these homes begins to reflect what they are actually worth (~100K) as opposed to what people were paying (~175+), this will be one lonely place to live.
It’s a shame that I’ll have to drive through a ghost town to play that Green Valley Ranch now…
Agreed on the unattractive place to live — Denver is full of bad urban sprawl with cheap homes put up by greedy developers as fast as they could plow under the land & put them up. If you look at the more “establshed” neighborhoods in metro Denver you will find far less foreclosures and homes that are actually selling.
The good news is that this is all the result of one flipper.
The even better news is that he was the only flipper in the country, everyone else was just a responsible homeowner looking for place to raise a family. That is really great news, actually, because if lenders would be so irresponsible to lend like this to one flipper…well, we’d have a problem on our hands.
The Regional Map looks awful.
That map from USA Today the other week is a good one. But if you really want to have some fun go to REALTYTRAC.COM and check out almost all of Colorado — total unbeleivable disaster w.r.t. houses in foreclosure.
I am headed out there in May to attend one the the REDC auctions — not bidding (yet) just taking a spot in the back of the room to watch.
I checked out my oen area in Morris County NJ and there were a few “pre” foreclosures.
REALTYTRAC.COM will let you check things out for about 20-30mins for free before it asks you to subscribe.
All I can say is what a waste of resources all in the name of greed.
The regional map also looks like an exaggeration. Looks like the red squares are much bigger than the lot size.
I’m a bear on the market, but I don’t trust the media when it tries to scare me about terrorists or the economy or the weather or kitchen sponges.
This map is a cumulative number of homes for the last 2.5 years (including default notices but no foreclosures — misleading number). In addition, the author of USA Today claims that the data was from RealtyTrac. I went to RealtyTrac website and their numbers are not even close to USA Today claims. RealtyTrac numbers are much smaller.
I cannot believe it that USA Today can make such preposterous claims and to get away with it.
Barry, did you verify the data before posting this garbage?
Every one knows George Bush and Alan Greenspan were involved in this development during their time off from running C WM GS BSC MS MER and of course doing night work as mortgage brokers and appraisals..and of course they were involved in the secret meetings letting China into the WTO without negotiating the currency issues up front and every other advantage they have including substantial enviromnmental abuse…and they both did profit greatly from the tech meltdown in 2001 and 911…that Greenspan..what a joker 18 year track record of the USA never been better status …but I don’t want to complain anymore cause I’m busy on my boat playing golf or jetsetting in my Gulfstream to Al Gore honorary $1000 plate dinners …just some misinformed thoughts…
Bill Gross at PIMPCO is always talking his book, and no wonder he wants a bailout for housing. What’s wrong Billy Boy, did ya finally f**k up with your greed? His CONgressional buddies are trying because after all it’s Wall Street that funds the thieves:
Pimco’s Gross Holds Most Mortgage Debt Since 2000 (Update1)
By Deborah Finestone
April 10 (Bloomberg) — Pacific Investment Management Co.’s Bill Gross lifted holdings of mortgage debt in the world’s largest bond fund to the highest since 2000, while putting on the biggest bet against government debt since at least the same year.
The $125.1 billion Pimco Total Return Fund had 59 percent of assets in mortgage debt in March, up from 52 percent the prior month and 23 percent in March 2007, according to data on the Newport Beach, California-based firm’s Web site. The fund’s cash position dropped to 32 percent, the lowest since July 2006, from 34 percent in February.
Thirty-year mortgage bonds guaranteed by Fannie Mae yield 1.74 percentage points more than benchmark 10-year Treasuries. The gap has narrowed from 2.38 percentage points on March 6, the highest since 1986, as investors shunned all but the safest assets as credit markets seized up. The average spread since 2000 has been 1.22 percentage points.
The Total Return Fund has earned 4.03 percent this year through yesterday, outperforming all competitors in the intermediate bond fund category, according to data from Morningstar, the Chicago-based research firm.
SNIP
http://www.bloomberg.com/apps/news?pid=20601087&sid=a0sK6xE46xQk&refer=home
So Billy Boy wasn’t doing a public service announcement when he said the Federal Govt. should step in and do what’s right for the country by putting a floor under housing. 59% of $125 Billion in bullshit paper Bill sounds alot like self interst to me. Lying sack of shit! Disclosure’s a be-atch ain’t it you POS!!!
Denver is different. LOL! Are you fools kidding me? There’s nothing special about Denver, and you are being crushed by overpriced housing just like other cities. Two and a half to three times incomes folks. If you bought a house to flip thinking you bought an in the money call because housing always goes up, you are f**ked!
“These are NOT multiple homeowners. I actually know the flipper (I am living 10 miles from this development). It was in the local papers.”
Then I guess this guy was also buying up houses in my neighborhood in SW Florida that is nearly 1/3rd foreclosed on….
Renting is the new black.
This site is much more fun: http://countrywide-foreclosures.blogspot.com/
You’ll notice there sometimes there are almost entire tracks forclosed on. The race to the bottom continues.
Barry, any comment on the Senate housing bill that just passed?
I can’t see how the $7,000/home tax credit for buyers of foreclosed homes doesn’t just drive up prices $7,000 per unit. And that would be a nice tax subsidy for the owners of foreclosed homes, aka the lenders responsible for this mess.
I know the poor folks in those hard hit neighborhoods who made their payments but need to sell sure won’t like having competing sellers (banks) enjoying a tax subsidy.
And if we were ranching cows on all that grass instead of feeding them corn in feedlots, we wouldn’t have our beef full of e coli. If we were growing wheat on it, our bread prices wouldn’t be so high.
Stoopid country.
Mashup de Googlemaps y embargos por la crisis subprime en Denver (Colorado) [ENG]
Sabemos que la llamada crisis subprime está pegando fuerte en E.E.U.U., pero con una imagen podemos apreciar mejor la cruda realidad. Corresponde a un barrio residencial de la ciudad de Denver en Colorado.
Very misleading picture.
I think a lot of this home were refinanced and sold to someone who will make more value out of them.
This site may be useful to some of you guys and gals.
It has some practical information on how to avoid foreclosure.
http://www.howtoavoidforeclosure.org/
Good Luck
Very informative post.