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Four Maps from the Federal Reserve System: Where the Foreclosures Are
Gary North
May 9, 2008
The Federal Reserve System has posted some interesting maps. These, plus two others, appeared on the web page of Ben Bernanke's May 5 speech calling on Congress to use taxpayer money to bail out renters who took advantage of the low rates produced by Greenspan's FED. The FED created the housing bubble. Now Bernanke wants taxpayers to keep the popped bubble from deflating even more. The popped bubbles threaten to bankrupt some large commercial banks that put up the money for the bad loans. You can read his speech here: http://GaryNorth.com/snip/559.htmFor comparison's sake, where were the mortgage delinquencies concentrated in 2004? This map shows us, county by county.
Here is where they were in the 4th quarter of 2007.
Where have the changes been the most significant?
Where have housing prices risen? Fallen?
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