Cities fearful of government winding down housing support

[Arraya]

http://www.nytimes.com/2010/02/15/business/15housing.html?source=patrick.net

ELKHART, Ind. — Over the next six months, the federal government plans to wind down many of its emergency programs for housing. Then it will become clear if the market can function on its own.

President Obama has traveled twice to this beleaguered manufacturing city to spotlight the government’s economic stimulus program. The employment picture here has indeed begun to improve over the last nine months.

But Elkhart also symbolizes the failure of federal efforts to turn around the housing slump at the heart of the economic crisis. Housing in this community has become almost entirely dependent on a string of federal support programs, which are nonetheless failing to prevent a fall in prices and a rise in mortgage delinquencies.

[briansd1]

i read that article too.

About the higher end, I also read:

Homeowners with mortgages of more than $1 million are defaulting at a far higher rate than those in the overall market as stock market losses and pay cuts squeeze wealthy borrowers.

Payments on about 12 percent of mortgages exceeding $1 million were 90 days or more overdue last fall, compared with 6.3 percent on loans less than $250,000 and 7.4 percent on all U.S. mortgages, according to the latest data from First American CoreLogic Inc., a California-based research firm. The overdue payment rate for mortgages above $1 million was 4.7 percent a year earlier.

In my opinion, if affordable areas are suffering, high-cost areas, such as San Diego, still have some way to fall.

[briansd1]

i read that article too.

About the higher end, I also read:

Homeowners with mortgages of more than $1 million are defaulting at a far higher rate than those in the overall market as stock market losses and pay cuts squeeze wealthy borrowers.

Payments on about 12 percent of mortgages exceeding $1 million were 90 days or more overdue last fall, compared with 6.3 percent on loans less than $250,000 and 7.4 percent on all U.S. mortgages, according to the latest data from First American CoreLogic Inc., a California-based research firm. The overdue payment rate for mortgages above $1 million was 4.7 percent a year earlier.

In my opinion, if affordable areas are suffering, high-cost areas, such as San Diego, still have some way to fall.

[briansd1]

i read that article too.

About the higher end, I also read:

Homeowners with mortgages of more than $1 million are defaulting at a far higher rate than those in the overall market as stock market losses and pay cuts squeeze wealthy borrowers.

Payments on about 12 percent of mortgages exceeding $1 million were 90 days or more overdue last fall, compared with 6.3 percent on loans less than $250,000 and 7.4 percent on all U.S. mortgages, according to the latest data from First American CoreLogic Inc., a California-based research firm. The overdue payment rate for mortgages above $1 million was 4.7 percent a year earlier.

In my opinion, if affordable areas are suffering, high-cost areas, such as San Diego, still have some way to fall.

[briansd1]

i read that article too.

About the higher end, I also read:

Homeowners with mortgages of more than $1 million are defaulting at a far higher rate than those in the overall market as stock market losses and pay cuts squeeze wealthy borrowers.

Payments on about 12 percent of mortgages exceeding $1 million were 90 days or more overdue last fall, compared with 6.3 percent on loans less than $250,000 and 7.4 percent on all U.S. mortgages, according to the latest data from First American CoreLogic Inc., a California-based research firm. The overdue payment rate for mortgages above $1 million was 4.7 percent a year earlier.

In my opinion, if affordable areas are suffering, high-cost areas, such as San Diego, still have some way to fall.

[briansd1]

i read that article too.

About the higher end, I also read:

Homeowners with mortgages of more than $1 million are defaulting at a far higher rate than those in the overall market as stock market losses and pay cuts squeeze wealthy borrowers.

Payments on about 12 percent of mortgages exceeding $1 million were 90 days or more overdue last fall, compared with 6.3 percent on loans less than $250,000 and 7.4 percent on all U.S. mortgages, according to the latest data from First American CoreLogic Inc., a California-based research firm. The overdue payment rate for mortgages above $1 million was 4.7 percent a year earlier.

In my opinion, if affordable areas are suffering, high-cost areas, such as San Diego, still have some way to fall.

[svelte]

It has ticked me off to no end that the media has focused for the last year on Elkhart, IN as the typical example of how the recession has hit middle America.

From Wikipedia:

“Due to the high concentration of the RV industry in the area, Elkhart is dubbed the “RV Capital of the World.”[12] The city is also home to some small and large shops which support the RV (Recreational Vehicle) industry as well as construction.”

Of course the recession would hit the RV industry the hardest! RVs are the epitomy of an expense that households can eliminate without pain!

Typical my arse.

[svelte]

It has ticked me off to no end that the media has focused for the last year on Elkhart, IN as the typical example of how the recession has hit middle America.

From Wikipedia:

“Due to the high concentration of the RV industry in the area, Elkhart is dubbed the “RV Capital of the World.”[12] The city is also home to some small and large shops which support the RV (Recreational Vehicle) industry as well as construction.”

Of course the recession would hit the RV industry the hardest! RVs are the epitomy of an expense that households can eliminate without pain!

Typical my arse.

[svelte]

It has ticked me off to no end that the media has focused for the last year on Elkhart, IN as the typical example of how the recession has hit middle America.

From Wikipedia:

“Due to the high concentration of the RV industry in the area, Elkhart is dubbed the “RV Capital of the World.”[12] The city is also home to some small and large shops which support the RV (Recreational Vehicle) industry as well as construction.”

Of course the recession would hit the RV industry the hardest! RVs are the epitomy of an expense that households can eliminate without pain!

Typical my arse.

[svelte]

It has ticked me off to no end that the media has focused for the last year on Elkhart, IN as the typical example of how the recession has hit middle America.

From Wikipedia:

“Due to the high concentration of the RV industry in the area, Elkhart is dubbed the “RV Capital of the World.”[12] The city is also home to some small and large shops which support the RV (Recreational Vehicle) industry as well as construction.”

Of course the recession would hit the RV industry the hardest! RVs are the epitomy of an expense that households can eliminate without pain!

Typical my arse.

[svelte]

It has ticked me off to no end that the media has focused for the last year on Elkhart, IN as the typical example of how the recession has hit middle America.

From Wikipedia:

“Due to the high concentration of the RV industry in the area, Elkhart is dubbed the “RV Capital of the World.”[12] The city is also home to some small and large shops which support the RV (Recreational Vehicle) industry as well as construction.”

Of course the recession would hit the RV industry the hardest! RVs are the epitomy of an expense that households can eliminate without pain!

Typical my arse.

[TexasLine]

[quote=svelte]It has ticked me off to no end that the media has focused for the last year on Elkhart, IN as the typical example of how the recession has hit middle America.

From Wikipedia:

“Due to the high concentration of the RV industry in the area, Elkhart is dubbed the “RV Capital of the World.”[12] The city is also home to some small and large shops which support the RV (Recreational Vehicle) industry as well as construction.”

Of course the recession would hit the RV industry the hardest! RVs are the epitomy of an expense that households can eliminate without pain!

Typical my arse.[/quote]

Hello? “Typical/Average America” was not the point of the article. Hello? – End of Gov’t intervention was the point.

Indiana or San Diego; end the gov’t intervention and all “6 mo-bets” are off. Ain’t gonna happen though….the intrusion, I mean.

[TexasLine]

[quote=svelte]It has ticked me off to no end that the media has focused for the last year on Elkhart, IN as the typical example of how the recession has hit middle America.

From Wikipedia:

“Due to the high concentration of the RV industry in the area, Elkhart is dubbed the “RV Capital of the World.”[12] The city is also home to some small and large shops which support the RV (Recreational Vehicle) industry as well as construction.”

Of course the recession would hit the RV industry the hardest! RVs are the epitomy of an expense that households can eliminate without pain!

Typical my arse.[/quote]

Hello? “Typical/Average America” was not the point of the article. Hello? – End of Gov’t intervention was the point.

Indiana or San Diego; end the gov’t intervention and all “6 mo-bets” are off. Ain’t gonna happen though….the intrusion, I mean.

[TexasLine]

[quote=svelte]It has ticked me off to no end that the media has focused for the last year on Elkhart, IN as the typical example of how the recession has hit middle America.

From Wikipedia:

“Due to the high concentration of the RV industry in the area, Elkhart is dubbed the “RV Capital of the World.”[12] The city is also home to some small and large shops which support the RV (Recreational Vehicle) industry as well as construction.”

Of course the recession would hit the RV industry the hardest! RVs are the epitomy of an expense that households can eliminate without pain!

Typical my arse.[/quote]

Hello? “Typical/Average America” was not the point of the article. Hello? – End of Gov’t intervention was the point.

Indiana or San Diego; end the gov’t intervention and all “6 mo-bets” are off. Ain’t gonna happen though….the intrusion, I mean.

[TexasLine]

[quote=svelte]It has ticked me off to no end that the media has focused for the last year on Elkhart, IN as the typical example of how the recession has hit middle America.

From Wikipedia:

“Due to the high concentration of the RV industry in the area, Elkhart is dubbed the “RV Capital of the World.”[12] The city is also home to some small and large shops which support the RV (Recreational Vehicle) industry as well as construction.”

Of course the recession would hit the RV industry the hardest! RVs are the epitomy of an expense that households can eliminate without pain!

Typical my arse.[/quote]

Hello? “Typical/Average America” was not the point of the article. Hello? – End of Gov’t intervention was the point.

Indiana or San Diego; end the gov’t intervention and all “6 mo-bets” are off. Ain’t gonna happen though….the intrusion, I mean.

[Author]

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