The Masked Tulip Posted February 8, 2011 Share Posted February 8, 2011 (edited) http://realestate.yahoo.com/promo/americas-most-miserable-cities-2011.html Located in the state's Central Valley, Stockton has been ravaged by the housing bust. Median home prices in the city tripled between 1998 and 2005, when they peaked at $431,000. Now they are back to where they started, as the median price is forecast to be $142,000 this year, according to research firm Economy.com, a decline of 67% from 2005. Foreclosure filings affected 6.9% of homes last year in the Stockton area, the seventh-highest rate in the nation, according to online foreclosure marketplace RealtyTrac. Edit: If you actually click on the Forbes link at the above link and read about the 20 most miserable cities the maority all have had a massive housing bubble and subsequent bust. Then, as the banks crashed unemployment soared. Frankly, I am amazed that the people of these cities are not rioting. Edited February 8, 2011 by The Masked Tulip Quote Link to comment Share on other sites More sharing options...
Realistbear Posted February 8, 2011 Share Posted February 8, 2011 Luck sods--the Americans do things right--if it booms it busts. Here it booms and they wreck the economy even more to try to prevent the inevitable completion of the cycle. Makes you wonder if they bought into Gofrdon's miracloe of boom only and no consequences by way of a commensurate crash the other side. Instead of a 7 year recovery they have bought a 12-15 year recovery period. Fools. US admit it, deal with it and move on. That said, I think the Koalishon are bracing for it to start this year. The constant repetition of "housing bubble" by the top 4 suggests they are preparing the public to blame Gordon. The Balls creature has the brief of showing it is the Koalishon cust wot done it. Quote Link to comment Share on other sites More sharing options...
pepactonius Posted February 8, 2011 Share Posted February 8, 2011 Frankly, I am amazed that the people of these cities are not rioting. What good would rioting do? Quote Link to comment Share on other sites More sharing options...
Xurbia Posted February 8, 2011 Share Posted February 8, 2011 Frankly, I am amazed that the people of these cities are not rioting. They tend to hitch up a U-haul trailer and leave for jobs elsewhere. Quote Link to comment Share on other sites More sharing options...
Xurbia Posted February 8, 2011 Share Posted February 8, 2011 Luck sods--the Americans do things right--if it booms it busts. Here it booms and they wreck the economy even more to try to prevent the inevitable completion of the cycle. Makes you wonder if they bought into Gofrdon's miracloe of boom only and no consequences by way of a commensurate crash the other side. Instead of a 7 year recovery they have bought a 12-15 year recovery period. Fools. US admit it, deal with it and move on. That said, I think the Koalishon are bracing for it to start this year. The constant repetition of "housing bubble" by the top 4 suggests they are preparing the public to blame Gordon. The Balls creature has the brief of showing it is the Koalishon cust wot done it. You're right, it's best to get the pain out of the way and move on. Quote Link to comment Share on other sites More sharing options...
skomer Posted February 8, 2011 Share Posted February 8, 2011 (edited) http://realestate.yahoo.com/promo/americas-most-miserable-cities-2011.html Edit: If you actually click on the Forbes link at the above link and read about the 20 most miserable cities the maority all have had a massive housing bubble and subsequent bust. Then, as the banks crashed unemployment soared. Frankly, I am amazed that the people of these cities are not rioting. They are judging by the crime rates in those towns.... You wouldnt want to live in any of them, Chicago aside, which was listed due to its 30 minute commute ! Interesting that many of those towns in the top 10 are in the so called sun-belt states - goes against the propoganda we have been hearing out of the US these past 20 years. Presumably the sub prime corruption was worst in US States sniffy about regulation?? Edited February 8, 2011 by skomer Quote Link to comment Share on other sites More sharing options...
silver surfer Posted February 8, 2011 Share Posted February 8, 2011 They tend to hitch up a U-haul trailer and leave for jobs elsewhere. Except that one of the by-products of this bust is that many Americans, especially those in negative equity, can't sell their homes. So they're stuck in employment black spots. It's another unforeseen consequence of a housing bubble, it turns flexible and independent workers into shackled prisoners. Quote Link to comment Share on other sites More sharing options...
169995 Posted February 8, 2011 Share Posted February 8, 2011 How can you be shackled and stuck in an unemployment black spot when you can return the keys by "jingle mail " to the bank and you move on . Your no win no fee Lawyer will fight off the bank who misold the loan and in any case who does any house belong to as all the sub prime was securitised and everyone owns a little bit . They have a better chance than us . Then again they do not have the brilliant concept of the state paying your mortgage at 3% interest for as long as it takes ( Thanks Gordon ) Quote Link to comment Share on other sites More sharing options...
the shaping machine Posted February 8, 2011 Share Posted February 8, 2011 (edited) How can you be shackled and stuck in an unemployment black spot when you can return the keys by "jingle mail " to the bank and you move on . Your no win no fee Lawyer will fight off the bank who misold the loan and in any case who does any house belong to as all the sub prime was securitised and everyone owns a little bit . They have a better chance than us . Then again they do not have the brilliant concept of the state paying your mortgage at 3% interest for as long as it takes ( Thanks Gordon ) In enlightened socialist Europe we feel that the state should, like a good parent, bail us out when we mess up. Our politicians have bred a generation of spoilt children unable to cope with reality. . Edited February 8, 2011 by the shaping machine Quote Link to comment Share on other sites More sharing options...
uncle rogi Posted February 8, 2011 Share Posted February 8, 2011 Luck sods--the Americans do things right--if it booms it busts. nope, they are propping the insolvent banks up with massive QE TARP and ZIRP. just like we are. the petrodollar is bust along with the federal government. Quote Link to comment Share on other sites More sharing options...
Executive Sadman Posted February 8, 2011 Share Posted February 8, 2011 Luck sods--the Americans do things right--if it booms it busts. Here it booms and they wreck the economy even more to try to prevent the inevitable completion of the cycle. Makes you wonder if they bought into Gofrdon's miracloe of boom only and no consequences by way of a commensurate crash the other side. Instead of a 7 year recovery they have bought a 12-15 year recovery period. Fools. US admit it, deal with it and move on. That said, I think the Koalishon are bracing for it to start this year. The constant repetition of "housing bubble" by the top 4 suggests they are preparing the public to blame Gordon. The Balls creature has the brief of showing it is the Koalishon cust wot done it. The US had QE, ZIRP too. The major difference is 40 years of over supply build during the last 10 years! While liebour did have grand housebuilding targets, thanks to their chronic incompetence, there is no where near the same level of excess supply. Also the 'jingle mail' factor meant a TARP scheme was unavoidable. Though i think if they insist on saving the banks, a TARP scheme here wouldnt be a bad idea. Quote Link to comment Share on other sites More sharing options...
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