The Washington Foreclosure Crisis?

Posted April 15th, 2008 by Joe Kaiser

I'm guessing every other state dreams to be in our foreclosure crisis.

Dear Rob,

Yesterday’s post addressed the foreclosure rescue scam hoax your office perpetrated against the citizens of this state. From your own records, we know it doesn’t exist. And, it never did.

We also know attorney Melissa Huelsman’s contention we are in a “foreclosure fraud crisis” is just as bogus. We’re not. Your office receiving four actual foreclosure leaseback rescue complaints is proof enough to dispel that nonsense.

subprime-mortgage-squeeze480.png

And, while the economy and subprime mortgage meltdown has put foreclosures at all time highs in many areas of the country (do we really want to talk about Minnesota?), the Pacific Northwest has been relatively unaffected (see very cool chart above from The NY Times).

So, where again is the crisis that necessitated a complete overhaul of our foreclosure laws?


The bottom of the scale

We know there’s no foreclosure rescue scam (your term) crisis or foreclosure fraud (Huelsman’s term) crisis, and from the very cool chart above, it’s clear, we’re at the extreme low-end of the scale in terms of actual foreclosures.

In fact, nationally, it appears we’re pretty much the lowest of all.

Crisis?

I’m guessing every other state dreams to be in our foreclosure crisis.

Isn’t it about time your office stops yelling, “the sky is falling?” In case you haven’t noticed, Rob, it’s not, and the evidence is nothing short of conclusive.

In the arena,

Joe Kaiser


3 Responses to: “The Washington Foreclosure Crisis?”

  1. Drew Hitt responds:
    Posted: April 15th, 2008 at 7:45 am

    Joe,

    As the graph so nicely shows, Minnesota doesn’t look like it’s doing so well in the foreclosure market. Didn’t that legislation stop and save all those foreclosures over there? It really opened my eyes, I knew Florida and California and Detroit(Car production layoffs) were big on the foreclosure charts, but Minnesota I would have never guessed…

    Now if only you could get your hands on a “foreclosure rescue scam” chart, it will clearly illustrate investors are not the problem but the solution. After all, the federal legislation wants to give us a $7,000 credit for buying homes in foreclosure, doesn’t that contradict states wanting us not to purchase those homes. The legislation also allows for states to purchase and rehab homes bought at a discount, I really don’t think even they will pay 82%.

    When you create laws to help the few and publicize it so much, you’re only looking to boost your public image. It’s sad the legislation that comes about on an election year…

  2. Curt Dalton responds:
    Posted: April 15th, 2008 at 8:38 am

    Actually, the chart shows the Seattle-Tacoma MSA as having the LOWEST percentage of sub-prime foreclosures (based on population) in the entire USA.

  3. BikerJim responds:
    Posted: April 15th, 2008 at 1:58 pm

    Drew,
    You said: ” The legislation also allows for states to purchase and rehab homes bought at a discount, I really don’t think even they will pay 82%. ”

    Frankly, you are right, the govt. will not pay 82% of ‘fair market value’. They will pay ‘fair market value’.
    The thing is, what defines that?
    Think about emminent domain cases, etc, where govt agencies condemn and then pay landowners for their property.
    They pay ‘fair market value’.

    Which leaves the whole thing up to interpretation, and naturally, court cases to determine ‘fair market value’, or perhaps an A.G. opinion on ‘what’s a fair price’.

    These govt folks would drown if they were forced to leave govt service and actually make a living in the real world.

    Nice chart Joe, thanks for sharing,
    Jim FL


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