questor Posted October 10, 2008 Report Share Posted October 10, 2008 In looking at the demographic charts did you happen to notice that a great number of the cities with the highest foreclosure rates were retirement and vacation areas? In Naples Fl. for instance, many people were buying second homes or vacation homes, and investors were buying to flip on the appreciation. Could it be that these are among the more expensive properties going to foreclosure? The charts did not indicate whether these were primary residences or second homes. These things happened after the initial problem started. Are we done on this subject? Link to comment Share on other sites More sharing options...
REASON Posted October 10, 2008 Report Share Posted October 10, 2008 In looking at the demographic charts did you happen to notice that a great number of the cities with the highest foreclosure rates were retirement and vacation areas? In Naples Fl. for instance, many people were buying second homes or vacation homes, and investors were buying to flip on the appreciation. Could it be that these are among the more expensive properties going to foreclosure? The charts did not indicate whether these were primary residences or second homes. These things happened after the initial problem started. Are we done on this subject? I'm well aware of it. Could those have also been considered "risky" loans? Who was forcing lenders to qualify those? (intended rhetorically) The problem has been systemic. There's plenty of blame to go around. Now let's see who has the courage to overcome it and repair the damage before we fall into another depression. It's time to focus on remedies. Yes, I'm done. Link to comment Share on other sites More sharing options...
Essay Posted October 10, 2008 Report Share Posted October 10, 2008 I'm well aware of it.Could those have also been considered "risky" loans? Who was forcing lenders to qualify those? (intended rhetorically) The problem has been systemic. There's plenty of blame to go around.Now let's see who has the courage to overcome it and repair the damage before we fall into another depression. It's time to focus on remedies. Yes, I'm done.Good points; and to restate them, and......at the risk of promoting an off-topic tangent....This should probably be on the socialism v. capitalism thread, or at least the conservatives v. liberals thread, but.......I thought it was, when I posted #48....=== "While it is true the problem was exacerbated by fraudulent practices by a number of people and institutions, the seeds were planted here:" -Questor (...that whole helping the poor thing, right?)Right, but as I pointed out in post #48, these seeds are a small fraction of the problem. "It was an attempt to change social dynamics without understanding the consequences." -Questor The consequences being a $60 trillion tree, grown by corporate financial creativity which leveraged that seed.That wasn't done to help the poor.I keep trying, but I only find conservatives in these financial institutions. "P.S. in my area $ 300,000. IS low cost housing." -QuestorWell I guess we need to stop equating "helping the poor" with "building low-cost housing," eh? ~ :) Link to comment Share on other sites More sharing options...
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