Satellite Images Reveal Shocking Amount of Home Foreclosures.

We've all heard the horror stories about home foreclosures that have taken place in the US over the last couple of years. However, the following images sent to me in an email really put it into perspective.

The red dots below show the foreclosure locations.

USA: 1 in 46 homes in foreclosure

[atsimg]http://files.abovetopsecret.com/images/member/7bff6fced8a3.jpg[/atsimg]

Top Five locations:

1). Las Vegas:

[atsimg]http://files.abovetopsecret.com/images/member/531382ada755.jpg[/atsimg]

2). Cape Coral, Florida:

[atsimg]http://files.abovetopsecret.com/images/member/1ed75e252057.jpg[/atsimg]

3). Modesto, California:

[atsimg]http://files.abovetopsecret.com/images/member/3293c2193f61.jpg[/atsimg]

4).Phoenix:

[atsimg]http://files.abovetopsecret.com/images/member/7a17b0d84950.jpg[/atsimg]

5). Miami:

[atsimg]http://files.abovetopsecret.com/images/member/965042dde0f4.jpg[/atsimg]



The email states these are the filings as of 2010 so I am assuming things have only gotten worse. This really opened my eyes to the serious problems after seeing it in images.

The email contained 15 other images like the ones shown above.

Not wanting to take an email's word for it, I did some digging around online to confirm the information. Here is a source that goes into more detail and you can see more images of areas suffering massive foreclosures:

A Frightening Satellite Tour Of America's Foreclosure Wastelands

Read more: www.businessinsider.com...

72 percent of major metro areas saw an increase in foreclosure volume. Although some of the worst hit areas in Nevada, California and Florida improved from 2009, the foreclosure rate in these areas remains shockingly high. If not for foreclosure suspensions due to the robosigning scandal, these numbers would have been higher. For a frightening way to visualize the foreclosure crisis, we're borrowing a Google maps technique described by Barry Ritholtz. Read more: www.businessinsider.com...

Why don't the banks just renegociate the terms of the morgate loan instead of ending up with lots of unsellable assets because nobody can get a loan to buy them?

That is what our banks do here and they are OUT PERFORMING others.

I think it would have been easier to put a pinpoint on everyone who is not defaulted on their mortgage and are NOT in foreclosure!! Obama isn't helping this situation at all....Let's worry more about war and not about our own people...Sorry I went on a little rant about how we actually put the worst president ever in office!!

Pretty sad isn't it Ashley?

And until the sheeples wake up and realize that this all started as a result of MORTGAGE FRAUD perpretraded on the home owners and home buyers mostly in California,

which started the foreclosures,

which started your property values plumeting,

which brings us where we are today.

Most of this year's headlines will be about the Mortgage Fraud (Not the Foreclosure Fraud - different story)

Read my signature thread if you want to know more.

Seems like Google did away with this cool feature. RealEstate is no longer in the drop down.

But thanks for the info OP.

bill

reply to post by zookey


Because of a tool called "Mark to Market" this was changed by Congress in 2008 to allow Banks to no longer report "real value" of homes, just the value of the mortgage. By adjusting a mortgage the Mark to Market becomes public info, the bank then "writes down" the value of the home, deducted from the value of the original loan, and thus from profit. By keeping houses that are foreclosed they keep them on reserve, or backlog. These homes, even though they often drop an additional 25% by being vacant and falling into disrepair, don't effect the profit margin of a bank because they no longer have to report it (remember all write down reports by banks in 2005-2008? Then randomly and suddenly stopped?)

Also it's been shown that when a mortgagee is renegotiated, put into moratorium or otherwise altered, the loan still defaults. Odds are if you can't make your mortgage payment, you can't make it with a small fraction shaved off.

Then you have the foreclosures where Loan to Value is under 80%, in which regardless of circumstances the bank can sell your property and make a profit. usually anyways.

Isn't usury fun?

reply to post by Rockpuck


Everything is a numbers game...If there was no money to be made in forclosures a bank would never let them happen!!

Those images are actually quite shocking and make me wonder why things haven't fallen apart quicker.........

If that many are defaulting then surely the overall values must be 'dropping like stones'' for the remainder of the market.......... how can it keep afloat ?

It is like a ship holed by a topedo and taking on water......... sooner or later it is going to sink regardless how many bankers and hedge fund managers keep bailing out the water ??!!

PDUK

Keep in mind that all these little "dots" only represent homeowners who have received a "foreclosure notice".

What you don't see is all the others who are behind on the mortgages or have stopped paying.

I would triple those litte dots.

reply to post by Julie Washington


Yes, exactly. While looking this information up, it stated there are more than twice as much that had not received their notices at the time. It's really depressing.

These are also the stats from 2010. So, unfortunately, the red dots could easily be doubled or tripled.

reply to post by zookey


Simple, they are fanatics.
More is not enough, they need it all.
This applies to more than your home by the way, they are proving it right now.

U.S. housing starts decline 10.6% in April

WASHINGTON (MarketWatch) - The start of construction on new U.S. homes fell 10.6% in April to an annual rate of 523,000, while permits declined 4.0%, the government reported Tuesday. Housing starts in March were revised up to 585,000 from an original reading of 549,000, according to Commerce Department data. Economists surveyed by MarketWatch had expected housing starts in April to climb to an annual rate of 575,000 on a seasonally adjusted basis. Permits for new construction, viewed as a gauge of future demand, fell to an annual rate of 551,000 from March's upwardly revised level of 574,000. Permits for single-family homes, which account for three-quarters of the housing market, dropped 1.8% to an annual rate of 385,000 last month.

www.marketwatch.com...

This piece of news was breaking last night Oz time. These are some quite ominous results, and this is with current QEing. When I shared this news on another forum, some people responded that they had to get out of their real estate business and jobs because of the huge down turn and lack of recovery. If this is an indicator of where the US economy may be heading, well it would appear bleak.

Great find about the foreclosure mess, AshleyD!

Next month will be three years of me fighting the bank. I'm still in my house! You can fight. Write to your state's Comptroller of the Currency. If you're getting jerked around and you've bent over backwards meeting all of the banksters' demands and they're still not working with you - write, write, write! Write to your governor, senators, even the White House (although they won't respond), and send the bank detailed questions specifically asking them why they haven't made good on the promises and conditions they have told you they have set forth, while you have made good on all your promises, and ask them who holds the note. If they don't answer even ONE of those questions. That's a violation!

Do your research and your due diligence - because they aren't.
If you begin to feel as though you're over your head in your situation - remember that they are, too!

Best of luck, everyone and the best thing you can do is educate yourself because this is the best weapon against this breed of evil entity!

Sorry that I can't say much else except my battle gears up again in July and I'm well aware that what is written online can be used against you by the banks.

Take care all!

Looks like a goddamn plague...