Fed says foreclosures will sweep exurbs next
The pattern that emerges from the data is that the foreclosure wave started in the central cities will mostly skip the first-tier suburbs, then hit the exurbs next, Grover said.
“It’s like a doughnut,” he said.
1/3 of US homeowners who bought in last 5 years owe more than house is worth
The highest percentages of homeowners with negative equity were located in California. In four of the state’s metropolitan areas — Stockton, Modesto, Merced and Vallejo-Fairfield — the number of homeowners whose mortgage debts exceeded the values of their properties topped 90 percent.
JPMorgan: Mortgage market “substantially deteriorated” in July
Goodbye subprime crisis, hello Alt-A crisis.
If the “subprime crisis” was about “exotic securities,” the “Alt-A crisis” is going to be about bank balance sheets. And the fun is only beginning.