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Amazing statistic of the day
Friday, June 13, 2008
From today's report on the nation-wide 48 percent year-over-year increase in foreclosures during the month of May:
In Nevada, one in every 118 households received a foreclosure-related notice last month, more than four times the national rate.At this rate, ten percent of all households in Nevada will get a foreclosure notice in the next year and in ten years all households will have received one.
This won't go on for ten years, will it?
5 comments:
Well, 3-4 years could be quite possible. So, about 25-30% of households maybe in foreclosure by then.
Your thoughts?
The Goths will arrive before 10 years are out.
In Nevada, I think 25-30% of households getting into pre-forclosure or worse is a very realistic possibility. They are probably already close to 10% given a rate somewhere near 1% a month for the last year or so.
People laughed at me in '07 when I thought the market was going to eventually drop ~50% from peak nation-wide. I would not be surprised if 25% of home "owners" in Nevada realize a loss on a house in the next 5 years, although many will probably be in short sales, jingle mail, and the like. It really depends on the size of the big '09 bailout, though; it's hard to predict anything beyond then.
WOW, Wow! Is that unprecedented in American history? The problem is the US has become a bubble economy (or casino economy) we eschew real productivity for production of goods and services and its catching up to us. The slow down is hitting Vegas hard because people do not want to gamble when gas is $4.50 and the housing ATM is closed. Vote for a change, lets get some real jobs and lower gas prices at the same time. Sign the gas price petition at:
www.AmericansForJobsAndEnergy.org
It supports S.2958, read up on it, we need it in more ways than just gas prices.
Rocketman
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