Here’s in interesting chart from the NYT showing the impact subprime mortgages have had on foreclosure rates. In the mid-west where Mike and I buy properties, there have been lots of foreclosures, but their connection to subprime mortgages is less than clear. In fact, some of our best foreclosure deals were made before the subprime mess erupted. The NYT’s article is worth a quick read. And you can click here for a bigger view of the graph.
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Rob,
That’s a very interesting map. After seeing it, I came away thinking that Tucson was not as bad off as I imagined, with only 6% of the mortgages being subprime mortgages. One has to wonder though, who cuts those Legos so that they come out exactly the right percentage.
the peak will come end of 2008. sorry guys, the worst is not over…