Monday, February 23, 2009

The five state mortgage crisis

According to a recent study by the CATO Institute, the mortgage crisis is really primarily a crisis in just five states: California, Nevada, Arizona, Florida and Michigan!

For example, in California one out of ever 173 homes went into foreclosure but in New York, only one out of every 2,271 was foreclosed upon!

The biggest difference was between Nevada and Vermont. In Vermont only one out of every 52,000 homes went into foreclosure. In Nevada it was one out of 76!

And in many cases the problem was that people who were not poor, took out second mortgages (to buy that new boat or add that nice swimming pool?).

And now all the rest of us--and our children--can pay for it! Read the story on FrontPage.

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