Heat maps reveal politics of foreclosure
HotPads shows foreclosure rate by congressional district
By Inman News, Tuesday, October 7, 2008.Real estate search site HotPads today announced the launch of "Election Foreclosure Maps" that displays foreclosure rates for congressional districts. These "heat" maps use color coding to show which districts have the highest rate of foreclosures (dark red) vs. the lowest number of foreclosures (light blue).
According to the site, the average foreclosure rate is 0.47 percent in Democratic districts and 0.51 percent in Republican districts, and the median foreclosure rate is 0.15 percent in Democratic and Republican districts.
The congressional districts with the highest rate of foreclosures are represented by:
- Dennis Cardoza, D-Stockton, Calif. (4.59 percent)
- Mary Bono Mack, R-Palm Springs, Calif. (4.51 percent)
- Jon Porter, R-Henderson, Nev., (4.45 percent)
The congressional districts with the lowest rate of foreclosures are represented by:
- Peter Welch, D-Burlington, Vt. (0.001 percent)
- Jerry Moran, R-Hays, Kan., (0.002 percent)
- Gene Taylor, D-Gulfport, Miss. (0.003 percent)
Foreclosure data company RealtyTrac supplies foreclosure information to Hotpads.com.
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Submitted by Peter Vekselman on October 7, 2008 - 2:05pm.
Very interesting information which shows us that this issue is not so much of a political one based upon the .47 and 51% percent, but a realistic view of the magnitude of this problem across all party lines. The heads of these districts quite frankly may or may not have had any impact on the foreclosure rates in their respective districts.
What we need to focus on is the root of the problem and get to the task of fixing it as quickly as we can.
Stocks went down another 500+ points today. We are in a crisis and we have to work our way out of this dark tunnel and we will! Reality is we must fix this to survive and it is amazing what people can do in such a crisis.
Respectfully,
Peter Vekselman
Real Estate Investment Coach
Submitted by Sean OToole on October 7, 2008 - 4:17pm.
Peter - Unfortunately housing and foreclosures aren't the fundamental problem, derivatives are.
There are only ~$11T in residential mortgages. We could likely reset every loan from 2004 to 2008 to 2003 values instantly resolving the foreclosure crisis for a total cost of maybe $1.5 to $2 trillion. By requiring the lenders/investors to eat half the loss, we could have used last weeks $700B to likely keep everyone in their home by giving them significant principal balance reductions and stopped the foreclosure problem completely.
But that won't fix this. The real problem is that there is an estimated $800 Trillion in unregulated derivatives, of which $62 Trillion are credit default swaps. Those are really big numbers - and it will take more than a few hundred billion here or there to fix it.
Thank senators Gramm, Leach, Bliley, as well Greenspan, Rubin and Clinton for allowing these unregulated derivatives to explode by undoing the protections in the glass-steagall act that was put in place after the great depression.
Sean O'Toole
Founder / CEO
[http://foreclosureradar.com ForeclosureRadar.com]
[http://foreclsouretruth.com ForeclosureTruth.com]
Submitted by Keith Labrecque on October 7, 2008 - 6:39pm.
Sean, I believe you are right. I haven't heard much on this, let alone numbers. What are your sources? These are truly mind-boggling numbers! Why is no one in the mainstream media covering this?
Keith Labrecque
Submitted by Jodi Summers on October 7, 2008 - 9:34pm.
There are some incredibly creative people out there designing web applications.
As Keith Labrecque points out, it would add a lot of credibility of the source of information was clearly attributed.
Jodi Summers
Sotheby’s International Realty, Santa Monica
jodi@jodisummers.com
www.SoCalMultiUnitRealEstateBlog.com
www.SoCalGreenRealEstateBlog.com
www.SantaMonicaPropertyBlog.com