Posted by: jhamon | June 22, 2009

Picture Worth A Thousand Words: Pasadena, CA Foreclosures

Dr. Housing Bubble works the numbers while maintaining a sort of gallows sense of humor.  A couple weeks back I wrote about how the so-called Pick-A-Pay or Option ARM mortgage bubble is yet to burst.  Dr HB demonstrates the Option ARM debacle’s imminence in this piece where he considers the specifics of Pasadena, CA.  A few excerpts:

In Pasadena only 48 percent of households actually own.  This is typical of L.A. County which is a renting majority county.  The bubble started in 2000 so how many people bought or moved into their new location between 2000 and 2007?  A stunning 58 percent. So keep all this data in mind as we move along.

When I ran this report, there are 348 homes in Pasadena that are in pre-foreclosure.  What does this mean?  It means these places have those infamous notice of defaults (NOD) I keep talking about which will hit the market like a tsunami later this year.  This is important because most of these are flying under the radar.

Here’s his chart with all preforeclosures marked.  (Warning – DISTURBING GRAPHIC):

O, Pasadena

O, Pasadena

You don’t have to be a statistician or a data miner to read that chart.  Rest of this excellent piece here.

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Responses

  1. America has no idea what is about to hit us within the next 6-9 months as it relates to the housing crisis.


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