What can we surmise by the cities that will face the greatest foreclosures?

Question

Please make your response as broad minded as possible and not try to lay the blame on just one or two culprits.

If a whole city is leading the nation in the record foreclosures that we are seeing, and we see which cities are the leaders, can we see some common threads that these cities have that would give us a better insight as to the real causes of the foreclosure mess?

http://news.yahoo.com/s/ap/20071127/ap_on_re_us/mayors_foreclosures

these response are truly mind boggling.

if you are in the ocean and you are swimming west and the currents are pushing you east, which direction will you go? You people ignore the most important factor of all. So its just a coincidence that the whole country decided to become dumb at once or that suddenly all our lenders became crooked ones. I am really scared by the ignorance of my fellow americans..really I am.

Why do you people refuse to lay the blame where it really lies. You blame everything but the real culprit.

Answer 1

This is easy. If a study was conducted, I would bet my house that the results would find that those same cities have suffered the most job loss due to the economy and to so called free trade that outsources american jobs overseas. No doubt about it. Of course those who push outsourcing will do everything they can to make sure this never gets mentioned as a contibuting causal factor to the foreclosure crisis. They are content to blame the hapless victims for their misfortune while they laugh all the way to the bank. Notice the emphasis they place on explaining this away by saying that all these people all made bad decisions or that they all were greedy or stupid, and all the lenders got greedy and crooded. Pretty far fetched that all of these people decided to do all these bad things all at once. Even the talk of home prices correcting is part of the overall economical blame. For a long time the housing market was overpriced, but why? Why were home prices so high? Could one reason be because of the low interest we had for such a long time? Its well known that low interest cause a bullish buyers market and drives home prices. These were policy decisions. So if you say the market is correcting, then you must also lay the blame on the people who pushed the market to where it was so that such a drastic correction would be needed. After all, where they not bragging not so long ago about how much home ownership was up and were they not taking credit for that?

Answer 2

The cities with the highest foreclosure rates are cities with the highest occurrence of manufacturing jobs shutting down or relocating overseas. Add to that a credit industry that has conditioned us to accept debt is a good thing and you have a society that is financially overextended. But the true culprit is ourselves. We allowed ourselves to be conned by snake oil salesmen into buying something we can't afford.

Answer 3

The problem lied with irresponsible purchasers. When you take out an adjustable rate loan you have to know what the potential is, and if you can afford it or not. Some of the blame can be placed on the issuers of the mortgages, but personal responsibility need to be on the forefront.

Answer 4

The cities with the most housing foreclosures will coincide with the cities with the highest unemployment rate and the highest concentration of illegal drugs.

Answer 5

You are trying to blame mayors (no doubt Democratic) on the housing bust?

Please get out your dictionary and look up the term "predatory lending". There is your answer.

I live in Columbus, OH. Our Democrat mayor has did a wonderful job his last term in attracting business to the area, revitalizing poor parts of the city, and keeping the budget balanced. He won by a landslide in this month's election. Do you think he has any impact on the housing problems? No.
The majority of defaults are in the suburban townships around Columbus and are not even governed by our mayor.

Answer 6

Don't sign a contract to buy a house when you can't afford to or won't make the payments. No one forced anyone to buy a house.

It's a correction from the easy access mortgages in the last decade and was predicted would happen.

Answer 7

City Taxes.

Answer 8

Crooked loan vendors who we taxpayers are bailing out should be going to prison and the creditors who congress graciously handed that generous bankruptcy bill to for which consumers will also get the bill for should join them.

Answer 9

I blame investors and house flippers who made a profit from nothing selling to people who just want to buy a home.

Answer 10

They will be the cities with the highest percentage of dumbazzes who fell for those sucker sub prime teaser mortgages...screw em they deserve what they got.