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Bellaocchi
Hope Faith Love
Member since 2/07 5694 total posts
Name:
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Mortgage payments
My mother told me she saw on the news that 51% of americans are struggling. That's quite alarming.
Message edited 4/3/2007 7:28:56 PM.
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Posted 4/3/07 7:28 PM  |
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Prudential Douglas Elliman Real Estate
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Kate07
Feel better my little guy!
Member since 5/05 4476 total posts
Name:
Kate
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Re: Mortgage payments
Really does not surprise me. I think America as a whole embraces debt.
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| Posted 4/3/07 9:35 PM |
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SweetTooth
I'm a tired mommy!
Member since 12/05 20105 total posts
Name:
Lauren
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Re: Mortgage payments
Posted by Kate07
Really does not surprise me. I think America as a whole embraces debt.
True, I think we are a credit card nation that wants many things we can't really afford.
HOWEVER, I think in areas like LI, it is very difficult not to struggle with the cost of living being so high and salaries not really being all that much more than they are in the rest of the country.
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| Posted 4/3/07 9:42 PM |
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MegZee
My bunny
Member since 5/06 8777 total posts
Name:
Meaghan
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Re: Mortgage payments
Posted by SweetTooth
Posted by Kate07
Really does not surprise me. I think America as a whole embraces debt.
True, I think we are a credit card nation that wants many things we can't really afford.
HOWEVER, I think in areas like LI, it is very difficult not to struggle with the cost of living being so high and salaries not really being all that much more than they are in the rest of the country.
if you look at CNN's list of highest subprime mortgages, NY is not on it (they list the top 10). I think three cities in texas was, nevada, richmond, va, where the cost of living is actually lower.
in my industry, If i left NY id take a half paycut (ive done the research).
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| Posted 4/3/07 10:18 PM |
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MegZee
My bunny
Member since 5/06 8777 total posts
Name:
Meaghan
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Re: Mortgage payments
Top 10 subprime markets
These metro areas have the highest share of their loans as subprimes.
Metro area State Subprimes as %
of all loans
McAllen TX 26.8%
Memphis TN 24.0%
Sharon PA 23.1%
Miami FL 23.0%
Richmond VA 22.3%
Brownsville TX 21.6%
Merced CA 21.6%
Sumter SC 20.7%
Bakersfield CA 20.2%
Jackson TN 20.2%
Source:First American LoanPerformance
Top 10 subprime delinquency markets
These are places with the highest percentage of subprime loans 60 days or more late.
Metro area State % of delinquent
subprime loans
Cleveland OH 24.9%
Detroit MI 24.6%
Jackson MS 22.7%
Jackson MI 22.0%
Youngstown OH 21.8%
Flint MI 20.7%
South Bend IN 20.3%
New Orleans LA 20.1%
Kankakee IL 20.1%
Akron OH 19.7%
Source:First American LoanPerformance
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| Posted 4/3/07 10:20 PM |
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Beth
The Key to your new home....
Member since 2/06 24849 total posts
Name:
Beth
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Re: Mortgage payments
people that have regular mortgages can still struggle also and go into foreclosure
I don't think it's limited to sub prime
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| Posted 4/3/07 10:22 PM |
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MegZee
My bunny
Member since 5/06 8777 total posts
Name:
Meaghan
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Re: Mortgage payments
Posted by Beth1210
people that have regular mortgages can still struggle also and go into foreclosure
I don't think it's limited to sub prime
true, but they are the ones who will struggle the most.
and I guess it depends on the definition of struggling too.
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| Posted 4/3/07 10:23 PM |
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Beth
The Key to your new home....
Member since 2/06 24849 total posts
Name:
Beth
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Re: Mortgage payments
Posted by Meaghan729
Posted by Beth1210
people that have regular mortgages can still struggle also and go into foreclosure
I don't think it's limited to sub prime
true, but they are the ones who will struggle the most.
and I guess it depends on the definition of struggling too.
I think anyone who gets in over there heads can struggle
people with good jobs and good credit can also- it depends how much you spend- maybe they pay their mortgage on time- but their car and CC are late
Message edited 4/4/2007 9:38:57 AM.
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| Posted 4/3/07 11:03 PM |
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angnick
Life is So Wonderful!
Member since 8/06 6663 total posts
Name:
Angela
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Re: Mortgage payments
that doesnt surprise me either.
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| Posted 4/4/07 9:31 AM |
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Eleanor
LIF Adult
Member since 2/06 2223 total posts
Name:
Ellie
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Re: Mortgage payments
I think it depends on the definition of struggling. We pay everything on time every month with money left over, but if you ask me on the first how it feels to write out the mortgage check - I will say that I cringe.
But also I think the US has a "keeping up with the Jones' " mentality. I mean I get jealous watching Designers challenge on HGTV and people who have a $100K budget for a kitchen remodel - or $50K for a bath, etc. Then the do it yourself shows don't factor in cost of labor, but they all have skilled, professional carpenters, etc.
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| Posted 4/4/07 9:40 AM |
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