Foreclosure news

[GeorgeF]

"The state of Indiana has the highest foreclosure rate, California and Nevada the lowest."

I think it is interesting that problems in real estate prices are occuring where the prices were never viewed as being outragous. I can't see prices declining much until you read in newspapers that people are leaving the coasts for the 'heartland'.

http://abclocal.go.com/wpvi/news/082804_nw_foreclosures.html

A sheriff in Philly is offering a sale on foreclosure services, which he claims will help the people being evicted.

http://www.wnep.com/Global/story.asp?S=2233870

[adios]

Prices aren't high where people want to live for no reason at all. The old saying location, location, location.

[GeorgeF]

There seems to be a fiscal crises similar to the one that hit New York City in the 70's starting in California. It will be interesting to see how this is resolved (who pays / gets screwed). At some point it will be apparent that even a debt free house has a perpetual government lien on it, and in the case of San Diego a lien that is getting larger. In NYC the 70's were a very bad time, and housing prices declined.

"Pension board members estimate that the average city employee is eligible for a check of $306,104 upon retirement and a lifetime pension of $50,000 a year. The average pension has doubled in 10 years."

The value of a 50k/yr annuity for a couple born 6/15/1950 is $875k. This means that after 30yrs of service SD CA employees get 1.181M dollars. Is this really possible?

http://ktla.trb.com/news/local/la-me-sandiego1sep01,0,4894538.story?coll=ktla-news-1

Annuity calculator.
http://www.brkdirect.com/spia/EZQUOTE.ASP