A new report has surfaced that links the financial crisis to five particular states. The report indicates that mortgage woes are not necessarily a "national problem" as Obama states, but rather, a phenomenon peculiar to these specific states. From the NY Post:
The beneficiaries of taxpayer charity will be highly concentrated in just five states - California, Nevada, Arizona, Florida and Michigan. That is not because the subsidized homeowners are poor (Californians with $700,000 mortgages are not poor), but because they took on too much debt, often by refinancing in risky ways to "cash out" thousands more than the original loan. Nearly all subprime loans were for refinancing, not buying a home.What this shows is that the rest of the country is paying for the irresponsibility of a small number of people in very select areas. I'm not condemning the responsible folks of the "foreclosure five", but clearly, there's something in the water of these places.
Here's a foreclosure heat map that details the location of the disproportionate number of foreclosures for all of America.
(Click to enlarge)
Note how closely the foreclosure heat map follows the presidential election map. Red being Mccain, blue being Obama.
(Click to enlarge)
Freaky huh? Now you know.
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4 comments:
Wow! It's like a county by county deal!
Isn't that interesting. It almost looks like a population map!
The foreclosure map is percentage based, not number based, so population has nothing to do with it. But that's a nice try.
Looks like two differenct countries.
One would prosper beyond belief and one would be third world Angola.
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