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About The skanner. (Portland, Or.) 1975-2014 | View Entire Issue (Nov. 6, 2013)
Opinion Nation’s Housing Recovery Far From Equal W ith the annual holiday season approaching, many across the country will soon be celebrating with fam- ilies and loved ones. Many such gatherings will toast the season and its blessings. But for families still troubled by delinquent mortgages and foreclo- sures, this time of year has another meaning. These consumers are wondering if they will have a home this holiday season. Although September 2013 marked the 23rd consecutive monthly drop in the nation’s foreclosures, approximately 902,000 homes remained in some state of foreclo- sure. Additionally, mortgage delin- quencies, the omen of the likelihood of foreclosure, has trou- bled states and metro areas, according to new data released by CoreLogic, a leading residential property information, analytics and services provider. On the foreclosure front, 51,000 foreclosures were completed in September. Since the September 2008 onset of the housing crisis, 4.6 million foreclosures have occurred nationwide. By compar- R ESPONSIBLE L ENDING Charlene Crowell ing September 2012 foreclosures to those of last month, the nation saw a 39 percent decline or 448,000 fewer lost homes. But if you live in Florida, Cali- fornia, Texas, Michigan or Georgia – you are a resident of one of the five states with the highest number of completed foreclosures during the past 12 months. In fact, these states accounted for almost half of all completed foreclosures nationally. Florida alone had 115,312 completed foreclosures. North Carolina (27,135), Ari- zona (24,269), Washington (20,547), Tennessee (19,710), Missouri (13,654) and Virginia (13,130) complete the list of the 10 highest states with completed foreclosures in this same time span. CoreLogic also analyzed fore- closures in metro areas. The five highest areas with completed foreclosures – again over the past 12 months – were Atlanta (24,309), Chicago (20,347), Tampa -St. Petersburg (15,754), Phoenix (14,821) and Orlando (12,062). Additionally, 63 percent of Georgia’s foreclosures were in the Atlanta-Sandy Springs-Mari- etta Metropolitan Statistical Area Jersey (10.6 percent), Nevada (8.1 percent), New York (7.9 percent) and Maryland (7.2 percent). Similarly, the same metro areas that exceeded the national average for a percentage of seriously delin- quent mortgages were the same as those with the highest number of completed foreclosures – but with one disturbing addition. Citywide in Cincinnati, one of every 729 homes is in foreclosure. Yet in two Concentrated foreclosures and delinquencies still evident (MSA). Similarly in Arizona, 62 percent of the state’s foreclosures were in the Phoenix-Mesa-Glen- dale MSA. Delinquencies, mortgages that are 90 days or more in arrears, show an even broader effect. The national average of seriously delinquent mortgages stands at 5.2 percent. Yet 13 states have delin- quencies above that of the national average. The states with the high- est percentages of delinquencies are: Florida (11.9 percent), New zip codes, foreclosure rates are doubled that of the city: 45240 (one of every 304) and 45231 (one of every 334). In other words, financial recov- ery from the housing crisis is uneven nationwide. Many metro areas remain troubled by foreclo- sures, falling property values and delinquencies. These ills, in turn, fiscally handicap municipal gov- ernments from helping residents when they are most in need of assistance. As municipal tax col- lections dwindle, so does the financial capability of local gov- ernments. Although historically homeown- ership has been a reliable method for families to build wealth, the risky and high-cost subprime lend- ing that operated absent of regulation is the central reason why many communities still suffer with housing woes. Key regula- tions that take effect in January 2014 are intended to prevent the return of no-documentation loans while ensuring the ability to repay mortgages. In the meantime, consumers with mortgage lending or servic- ing problems can receive assistance from the Consume Financial Protection Bureau. Online access to mortgage com- plaint forms is available at www.consumerfinance.gov. In higher education discussions, many have said, “Leave no child behind”. When it comes to hous- ing, “No family should be left behind” either. Charlene Crowell is a communi- cations manager with the Center for Responsible Lending. Poor Whites are Blaming the Wrong People I read a very sad article in the Washington Post on Oct. 29. It concerned the base of the Tea Party movement, and specifi- cally focused on some economically distressed Whites living in Georgia. They, like many other residents of Tea Party-con- trolled Congressional districts, are suffering under the weight of an economy that will not get fully in gear. Who do they blame? Obama. Who do they sup- port? Congressional rep- resentatives who wanted to close down government. It was striking in reading this piece, and later reading something on the polarization of wealth on this planet, that these economical- ly precarious Whites have T RANS A FRICA Bill Fletcher Jr. economy or on foreign policy. But I believe in speaking the truth, and specifically being clear on the real source of our problems. Those White residents may not be aware that the living standard for the average working person has been declining since the mid1970s. They may not be To jump from their economic problems to supporting the very same people who are destroying their lives can only be understood through the prism of race concluded that Obama, particular- ly through the Affordable Healthcare Act, somehow is wors- ening the economy for them. If the residents of these districts were angry about the polarization of wealth; if they were angry that Obama has not done enough; if they were angry that corporate America was using them as a doormat, I could understand that. But to jump from their eco- nomic problems to supporting the very same people who are destroy- ing their lives can only be understood through the prism of race. The one thing that you will not get out of me is a defense of Pres- ident Obama on much of the aware that the Republican Party that calls upon them every elec- tion season has advanced economic policies that push them further into debt and poverty than ever before. They may not be aware that the global economy is shifting, and shifting against working people. They may also be only slightly aware that the financial powerhouses will do all that they can to sway Democratic and Republican politicians in order to protect their pots of gold. Yet it is easier to see in the Black president the representative of all that they hate and fear. It is easier to see in the Black presi- dent the threat to their future since he represents the unknown. It is easier to see in the Black president the easiest target in order to explain why their lives are so miserable. And it is easier to target a Black president than to come to grips with a very simple fact: the rich White elite does not give a cuss about their sorry rear ends…just so long as they keep voting Republican every election season. cy Studies, the immediate past president of TransAfrica Forum, and the author of “They’re Bank- rupting Us” – And Twenty Other Myths about Unions. Bill Fletcher, Jr. is a Senior Scholar with the Institute for Poli- Week on the Web Inequality For All: An Entertain- ing Peek Under the Hood of the US Economy ... US News Census: Despite Economic Recovery 50 Million Americans Remain Stuck in Poverty ... Breaking News Brazile: Conser- vatives Want All Cuts and No Revenue; Will they Really Compromise? Photos: The Governors Gold Awards 2013 at Oregon Conven- tion Center ... NW News ... Opinion Walidah Imarisha Turns Pain into Beauty with ‘Scars/Stars’ ... Entertainment The Myth of a Federal Govern- ment Out of Control ... Opinion www. November 6, 2013 The Portland Skanner Page 5
