Matt Yglesias

Foreclosures Chart

Here’s a striking visual from CAP’s latest economic snapshot:

Current situation looks a wee bit out of line with historical norms.

24 Responses to “Foreclosures Chart”

1. E. O'Neal Says:
   September 9th, 2008 at 11:23 am

   Gee, are you just noticing the bursting of the housing bubble and what Greenspan has called a “once a century financial crisis? What’s next — the breathless discovery that gasoline prices are higher than usual?

2. scmitt Says:
   September 9th, 2008 at 11:25 am

   Sorry to be off topic, but where is Andrew Sullivan? I am worried about him.
   I have friends who’ve been constantly drunk since they saw the first McCain +10 poll, and I would react the same way if it wasn’t for the fact I have a 9-5 job.
   But what about Andrew?
   Anyone?

3. mavrick Says:
   September 9th, 2008 at 11:32 am

   This is great news! For John McCain!

   Mavrick/Hocky Mom ‘08!

4. Kenneth Almquist Says:
   September 9th, 2008 at 12:16 pm

   That graph shows why Fannie Mae and Freddie Mac are in trouble. Some libertarians complain about the quasi-public status of those institutions, but there is no reason to believe that purely private institutions would have done any better.

5. E. O'Neal Says:
   September 9th, 2008 at 12:22 pm

   Kenneth Almquist, private institutions would have been better regulated and capitalized. They wouldn’t have had near the political clout as the GSEs, and the taxpayers wouldn’t be on the hook. Everybody who’s looked at these monstrosities has seen this coming for years, but they’ve bought up politicians like Obama.

6. Butch Says:
   September 9th, 2008 at 1:01 pm

   Gee E. O’Neal – you must get economic lessons from Sarah Palin. Fannie and Freddie WERE private institutions, albeit with an implied government promise to back their instruments. Or maybe you meant, oh, Washington Mutual? Does Silver States Bank sound familiar? Want to keep going – this could be a lot of fun.

   And let us not forget John McCain’s chief economic advisor on alternate weekdays – Phil Gramm. The man behind the DEREGULATION of financial institutions that laid some of the groundwork for the current debacle.

7. Scott Ferguson Says:
   September 9th, 2008 at 1:05 pm

   Wow! A chart that shows absolute magnitudes instead of whipping up hysteria by using the starting value as the zero point and exaggerating the variation! Go MBA!

8. Ralp W, Minneapolis Says:
   September 9th, 2008 at 1:17 pm

   The 20 year trend-line (78 to 08) looks bad too!

   The spike is crazy, but the fundamentals have been eroding for a long time.

9. daveNYC Says:
   September 9th, 2008 at 1:24 pm

   Kenneth Almquist, private institutions would have been better regulated and capitalized.

   Yeah, just look how great BSC did.

10. E. O'Neal Says:
    September 9th, 2008 at 2:37 pm

    Butch, the GSEs are privately owned but publicly chartered with an implicit federal guarantee of their debt that is now explicit. In other words, private profits with public risks. If you don’t know about the incestuous political connections of these powerful Washington institutions, you can look it up. Start with the political backgrounds of their crooked executives over the past ten years, the various accounting frauds, and their campaign contributions to Obama, Dodd, Frank and the other hack politicians who gave them cover. Phil Graham’s not one of them.

11. Walker Says:
    September 9th, 2008 at 3:30 pm

    It get’s worse:

    The Mortgage Bankers Association said Friday that more than 4 million American homeowners with a mortgage — a record 9 percent — were either behind on their payments or in foreclosure at the end of June.

12. Jonf Says:
    September 9th, 2008 at 6:02 pm

    Is this graph really accurate? I would expect to see some trace of past recessions, especially the 80-81 double dip recession and the 1991 recession, which was led by a real estate and bank crash.

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