Foreclosures Ripple Across The South, Heartland
Inman News has the latest foreclosure numbers up which show vastly different conditions in various parts of the US. "Texas: 9,266 total foreclosure properties available for sale; 3,481 new foreclosures. Ohio: 7,233 total foreclosure properties available for sale, Michigan: 6,205 total foreclosure properties available for sale; 1,978 new foreclosures."
"Washington, D.C.: 15 total foreclosure properties available for sale; six new foreclosures. Hawaii: 20 total foreclosure properties available for sale; 12 new foreclosures."
It's no surprise that areas with a bubble still forming would have almost no foreclosures, but consider that the overwhelming majority of sales are in the south. Speaking of the south, remember how leveraged Geogia's banks are in RE? "Georgia: 6,125 total foreclosure properties available for sale; 2,082 new foreclosures."
2 Comments:
When will the flippers blink? The low-equity Joe or Jane who bought 4-5 properties this year, with air for credit, now get to look at October 15, 2005 and think about what their life will be like if they lose their bet and cannot flee into bankruptcy like before. It's no longer "play money."
Anon,
It's the $64,000 question. Yet I prefer to focus on the fact that the flippers know there is an end to the game, just as I do.
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