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Entries in Housing (1)
Forclosure Map
The mortgage/foreclosure mess is creating...well...quite a mess.
• Neglected properties leading to the lowering of desirability of neighboring properties.
• High availability of property for sale, causing dropping prices.
• Lowing property values leading to the expectation of lower property taxes.
How widespread is the mess?
Will Wilson on the 13th Floor at Governing.com discusses the issue.
This week, Fed Chairman Ben Bernanke displayed a set of maps that details just how wildly the number of foreclosures has risen in just a few years -- and how concentrated they've has been in certain areas of the country.
Almost all of California, Michigan and Florida are red, indicating large increases of defaulting borrowers, but that isn't news. More worrisome, perhaps, is that most of New England save Vermont is red; Minnesota and Hawaii are more red than not; northern New Jersey and southern New York are red; Ohio, Indiana and Kentucky are spackled with red counties; and central Colorado has an awful red belt running north to south. No state is untouched.
This map will have an influence on the Red-Blue Map this November. We just don't know how yet. It is way to early.
The only thing I do know is that in spite of the expectations of lower property values leading to lower property taxes ... property taxes will not go down.
Al Arnold
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