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So as winter comes on, and the OWS movements get shut down, the movement will hopefully find new ways to keep the momentum going. I was reading the news this morning about foreclosures for the third quarter. The percentage jump in foreclosures sometimes equal to the loss in value of the home in some cities. The debt, the loss, the suffering, the crisis continues -
http://realestate.aol.com/blog/galle...-foreclosures/ 10. Columbus, Ohio Quarterly increase in foreclosures: +32% # of Foreclosures Q3 2011: 2,273 Unemployment: 7.6% % home value down from peak: -12.42% Columbus hit its median home value peak in the first quarter of 2006. Since that time, home values have declined a relatively modest 12.4%, including a 3.4% drop last year. By the second quarter of 2012, Fiserv projects that homes in the area will lose another 2.3% of their value. Median family income in Columbus is above the national average, and unemployment is just 8%, a full percentage point less than the national average. Despite the fact that things don’t look so bad for the Columbus housing market compared to other regions, the city foreclosure rate still increased by 32% last quarter. A total of 2,273 homes were foreclosed upon during that time. 9. Cape Coral-Fort Myers, Fla. Quarterly increase in foreclosures: +35% # of Foreclosures Q3 2011: 1,743 Unemployment: 11.2% % home value down from peak: -59.3% There is arguably no single housing market with a worse long-term outlook than southwest Florida, and the Cape Coral-Fort Myers region is the worst of these. Housing prices in the have already dropped 59.3% from their peak, and Fiserv project them to decline another 12.2% by the second quarter of next year. According to Corelogic, 47% of the homes in the Cape Coral-Fort Myers area are worth less than their mortgages because of declining values. Foreclosures have increased 35% in the last quarter, and with no sign of recovery in the immediate future that trend may worsen in the coming months. 7. Fresno, Calif. Quarterly increase in foreclosures: +41% # of Foreclosures Q3 2011: 2,174 Unemployment: 14.9% % home value down from peak: -54% Fresno’s economy has continued to suffer since housing prices began to drop in 2006. It currently has an unemployment rate of 14.9%, which is one of the highest in the country. Home prices peaked in the first quarter of 2006 and have been decreasing since. The metropolitan area also has one of the highest underwater mortgage rates in the country, with a negative equity share of nearly 46%. In the last year alone home prices have dropped 11%. 5. Jacksonville, Fla. Quarterly increase in foreclosures: +49% # of Foreclosures Q3 2011: 2,559 Unemployment: 9.5% % home value down from peak: -39.3% Jacksonville has experienced a quarterly increase in foreclosures of nearly 50%. Home prices have dropped 39.1% since their peak in the second quarter of 2006. The metropolitan area’s negative equity share also exceeds 46%, making it among the worst in the country for underwater mortgages. Home prices are expected to decrease another 10.7% by the second quarter of 2012. 3. Sarasota-Bradenton-Venice, Fla. Quarterly increase in foreclosures: +57% # of Foreclosures Q3 2011: 1,673 Unemployment: 11% % home value down from peak: -51.4% The Sarasota-Bradenton-Venice metropolitan area has seen the third largest increase in the country in foreclosures in the third quarter. However, only 1,673 homes out of the 311,475 on the market were foreclosed upon. The housing market has suffered a great deal since housing prices peaked in the first quarter of 2006. Since then, overall home prices have dropped 51.4% |
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