60 Minutes does a housing crash report: House of Cards. Now get ready for jingle mail all across America as the gamblers turn in the keys and run
Monday, January 28, 2008
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"They wrecked our American dreams, the willingness to own a home," he said. "Even during the Great Depression we did not see the number of homes and properties abandoned like we are seeing now." - Cleveland resident John Brett
CHAPTERS
0. The Home Cover Page
1. Federal Reserve Follies
2. Housing Bubble & Oil
3. The Great Unwinding
4. A Royal European Think Tank
5. Peter Schiff on the Global Credit Meltdown
6. Views from China
7. American Middle Class
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| Rate Rank | Metro Area | Foreclosure Filings | Properties with Filings | %Households (foreclosure rate) | % Change from 2006 |
|---|---|---|---|---|---|
| 1 | DETROIT/LIVONIA/DEARBORN, MI | 72,616 | 41,273 | 4.918 | 68.15 |
| 2 | STOCKTON, CA | 22,184 | 10,608 | 4.866 | 271.3 |
| 3 | LAS VEGAS/PARADISE, NV | 59,983 | 30,375 | 4.228 | 169.11 |
| 4 | RIVERSIDE/SAN BERNARDINO, CA | 102,506 | 51,739 | 3.826 | 186.14 |
| 5 | SACRAMENTO, CA | 49,532 | 23,772 | 3.189 | 272.54 |
| 6 | CLEVELAND/LORAIN/ELYRIA/MENTOR, OH | 49,071 | 27,848 | 2.972 | 112.43 |
| 7 | BAKERSFIELD, CA | 13,682 | 7,524 | 2.96 | 244.82 |
| 8 | MIAMI, FL | 51,662 | 25,296 | 2.724 | 106.13 |
| 9 | DENVER/AURORA, CO | 49,519 | 26,632 | 2.641 | 27.79 |
| 10 | FORT LAUDERDALE, FL | 45,367 | 20,801 | 2.632 | 110.05 |
| 11 | ATLANTA/SANDY SPRINGS/MARIETTA, GA | 81,038 | 50,271 | 2.531 | 52.25 |
| 12 | AKRON, OH | 12,359 | 7,083 | 2.326 | 107.53 |
| 13 | MEMPHIS, TN | 22,654 | 11,291 | 2.141 | 30.35 |
| 14 | FRESNO, CA | 12,330 | 6,208 | 2.121 | 168.16 |
| 15 | DAYTON, OH | 14,285 | 7,812 | 2.073 | 145.51 |
| 16 | OAKLAND, CA | 39,483 | 19,463 | 2.071 | 191.06 |
| 17 | WARREN/FARMINGTON HILLS/TROY, MI | 30,378 | 21,607 | 2.069 | 95.19 |
| 18 | INDIANAPOLIS, IN | 25,695 | 14,591 | 2.019 | 7.89 |
| 19 | TOLEDO, OH | 10,056 | 5,756 | 1.938 | 117.29 |
| 20 | ORLANDO, FL | 24,004 | 15,834 | 1.932 | 117.74 |
| 21 | PALM BEACH, FL | 18,561 | 11,918 | 1.924 | 88.9 |
| 22 | PHOENIX/MESA, AZ | 56,040 | 30,453 | 1.915 | 177 |
| 23 | TAMPA/ST PETERSBURGH/CLEARWATER, FL | 41,539 | 24,086 | 1.908 | 95.9 |
| 24 | SARASOTA/BRADENTON/VENICE, FL | 11,807 | 6,805 | 1.84 | 226.69 |
| 25 | COLUMBUS, OH | 24,055 | 13,823 | 1.832 | 86.39 |
| 26 | SAN DIEGO, CA | 38,917 | 20,217 | 1.816 | 157.77 |
| 27 | JACKSONVILLE, FL | 15,149 | 9,540 | 1.748 | 38.99 |
| 28 | DALLAS, TX | 49,133 | 24,921 | 1.653 | -5.2 |
| 29 | FORT WORTH/ARLINGTON, TX | 25,050 | 12,295 | 1.645 | 2.42 |
| 30 | CHICAGO, IL | 73,469 | 50,350 | 1.641 | 50.22 |
| 31 | VENTURA, CA | 6,261 | 4,341 | 1.629 | 195.11 |
| 32 | LAKE/KENOSHA, IL-WI | 5,034 | 3,718 | 1.507 | 35.45 |
| 33 | CINCINNATI, OH | 21,392 | 13,119 | 1.469 | 104.38 |
| 34 | CHARLOTTE/GASTONIA, NC | 13,032 | 9,426 | 1.44 | 113.5 |
| 35 | LOS ANGELES/LONG BEACH, CA | 93,696 | 45,415 | 1.36 | 137.77 |
| 36 | ST LOUIS, MO-IL | 19,084 | 15,444 | 1.279 | 58.11 |
| 37 | CAMDEN, NJ | 5,237 | 3,415 | 1.229 | 42.35 |
| 38 | ORANGE, CA | 23,002 | 12,501 | 1.229 | 168.15 |
| 39 | HOUSTON/BAYTOWN/SUGARLAND, TX | 39,220 | 24,917 | 1.221 | 4.08 |
| 40 | KANSAS CITY, MO-KS | 15,681 | 10,076 | 1.177 | 83.7 |
| 41 | WASHINGTON/ARLINGTON/ALEXANDRIA, DC-VA-MD | 28,455 | 19,229 | 1.16 | 574.94 |
| 42 | GARY, IN | 5,320 | 3,114 | 1.108 | 41.29 |
| 43 | NEWHAVEN/MILFORD, CT | 7,348 | 3,790 | 1.093 | 340.19 |
| 44 | SAN ANTONIO, TX | 13,699 | 7,658 | 1.067 | 4.56 |
| 45 | NEWARK, NJ | 15,403 | 8,770 | 1.049 | 45.71 |
| 46 | TUCSON, AZ | 7,372 | 4,239 | 1.041 | 75.02 |
| 47 | TACOMA, WA | 5,276 | 3,107 | 1.025 | 38.95 |
| 48 | GREENSBORO/HIGHPOINT, NC | 3,329 | 3,078 | 1.025 | 137.5 |
| 49 | MILWAUKEE/WAUKESHA/WST ALLIS, WI | 9,856 | 6,529 | 1.017 | 79.47 |
| 50 | WORCHESTER, MA | 6,993 | 3,094 | 0.994 | 169.98 |
| 51 | SAN JOSE/SUNNYVALE/SANTA CLARA, CA | 11,433 | 6,173 | 0.991 | 161.57 |
| 52 | SALT LAKE CITY, UT | 4,882 | 3,692 | 0.984 | -16.96 |
| 53 | RALEIGH/CARY, NC | 5,249 | 3,884 | 0.982 | 122.83 |
| 54 | SUFFOLK/NASSAU, NY | 11,880 | 9,700 | 0.973 | 48.41 |
| 55 | LITTLE ROCK/NORTH LITTLE ROCK, AR | 5,396 | 2,702 | 0.952 | 15.52 |
| 56 | TULSA, OK | 5,670 | 3,532 | 0.912 | -3.66 |
| 57 | OMAHA/COUNCIL BLUFFS, NE-IA | 3,403 | 3,021 | 0.89 | 59.67 |
| 58 | AUSTIN/ROUND ROCK, TX | 10,100 | 5,166 | 0.874 | -11.75 |
| 59 | NASHVILLE/DAVIDSON, TN | 8,454 | 5,301 | 0.869 | 54.01 |
| 60 | MINNEAPOLIS/ST PAUL/BLOOMINGTON, MN-WI | 12,755 | 10,798 | 0.836 | 146.81 |
| 61 | EDISON, NJ | 15,800 | 7,723 | 0.836 | 43.42 |
| 62 | OKLAHOMA CITY, OK | 7,042 | 4,054 | 0.801 | -15.44 |
| 63 | ROCHESTER, NY | 3,903 | 3,404 | 0.776 | 126.78 |
| 64 | ESSEX, MA | 5,378 | 2,251 | 0.765 | 190.83 |
| 65 | HARTFORD, CT | 7,427 | 3,699 | 0.761 | 216.97 |
| 66 | BALTIMORE/TOWSON, MD | 10,059 | 8,003 | 0.734 | 544.36 |
| 67 | SPRINGFIELD, MA | 5,190 | 1,985 | 0.706 | 109.83 |
| 68 | BRIDGEPORT/STAMFORD/NORWALK, CT | 5,091 | 2,439 | 0.703 | 258.15 |
| 69 | BOSTON/QUINCY, MA | 11,165 | 5,106 | 0.683 | 199.47 |
| 70 | BETHESDA/FREDERICK/GAITHERSBURG, MD | 4,179 | 2,999 | 0.682 | 1288.43 |
| 71 | ALBUQUERQUE, NM | 2,921 | 2,217 | 0.651 | 5.77 |
| 72 | KNOXVILLE, TN | 2,770 | 1,813 | 0.607 | 46.8 |
| 73 | PORTLAND/VANCOUVER/BEAVERTON, OR-WA | 5,834 | 5,162 | 0.602 | 24.18 |
| 74 | LOUISVILLE, KY | 6,233 | 3,197 | 0.601 | -12.05 |
| 75 | BIRMINGHAM/HOOVER, AL | 3,069 | 2,351 | 0.521 | 63.15 |
| 76 | NEW YORK/WAYNE/WHITE PLAINS, NY-NJ | 33,714 | 22,569 | 0.518 | 74.04 |
| 77 | EL PASO, TX | 2,317 | 1,257 | 0.515 | -17.57 |
| 78 | CAMBRIDGE/NEWTON/FRAMINGHAM, MA | 7,205 | 2,906 | 0.496 | 209.15 |
| 79 | PHILADALPHIA, PA | 16,246 | 7,899 | 0.492 | -32.09 |
| 80 | SAN FRANCISCO, CA | 5,895 | 3,485 | 0.478 | 116.73 |
| 81 | SEATTLE/BELLEVUE/EVERETT, WA | 9,028 | 5,016 | 0.475 | 16.35 |
| 82 | BUFFALO/CHEEKTOWAGA/TONAWANDA, NY | 3,850 | 2,210 | 0.426 | 113.53 |
| 83 | PROVIDENCE/NEW BEDFORD, RI | 3,241 | 1,839 | 0.411 | 354.07 |
| 84 | NEW ORLEANS, LA | 4,501 | 2,318 | 0.399 | 215.8 |
| 85 | WILMINGTON, DE-NJ | 1,363 | 1,012 | 0.367 | 157.51 |
| 86 | PITTSBURGH, PA | 9,012 | 4,040 | 0.367 | -29.58 |
| 87 | NORFOLK/VIRGINIA BEACH/NEWPORT NEWS, VA | 2,321 | 1,841 | 0.361 | 258.17 |
| 88 | COLUMBIA, SC | 1,113 | 961 | 0.324 | -2.93 |
| 89 | CHARLESTON, SC | 1,043 | 839 | 0.318 | 35.1 |
| 90 | POUGHKEEPSIE/NEWBURGH/MIDDLETOWN, NY | 1,391 | 656 | 0.271 | 12.52 |
| 91 | BATON ROUGE, LA | 997 | 823 | 0.27 | -59.81 |
| 92 | SCRANTON/WILKES/BARRE/HAZLETON, PA | 2,380 | 685 | 0.267 | 23.65 |
| 93 | WICHITA, KS | 1,322 | 662 | 0.262 | -13.12 |
| 94 | ALBANY/SCHENECTADY/TROY, NY | 1,617 | 960 | 0.256 | 638.46 |
| 95 | RICHMOND, VA | 1,090 | 908 | 0.184 | 168.64 |
| 96 | ALLENTOWN/BETHLEHEM/EASTON, PA | 834 | 526 | 0.173 | 12.15 |
| 97 | HONOLULU, HI | 621 | 517 | 0.157 | 52.96 |
| 98 | MCALLEN/EDINBURG/PHARR, TX | 339 | 305 | 0.132 | -19.74 |
| 99 | SYRACUSE, NY | 935 | 364 | 0.128 | 128.93 |
| 100 | GREENVILLE, SC | 306 | 213 | 0.082 | -73.47 |
| -- | U.S. Total | 2,203,295 | 1,285,873 | 1.033 | 79.21 |
| -- | Top 100 Metro Areas Total | 1,774,778 | 1,010,355 | 1.382 | 78.23 |