Todd Lappin recently visited Modesto, a central California city that was hit hard by the mortgage bubble. He posted his photos and comments on his blog, Telstar Logistics.
A city of more than 210,000 people located about 90 miles east of San Francisco, Modesto had the nation's third-highest home foreclosure rate during the third quarter of 2010 (just behind Las Vegas, Nevada and Cape Coral/Fort Meyers, Florida).
In practical terms, that means 1 in 36 homes in Modesto is in foreclosure, and as we discovered, the evidence of this is visible from street level.
"We're going to be near the top of the foreclosure list for a long time," Bob Johnson from Direct Appraisals in Modesto told us. "The majority of the foreclosures here are people who used home equity loans to buy cars and other things. Banks often try to help out with loan modifications, but that doesn't really help, so people just walk away. Bottom line is, people here say they just won't pay mortgages that are worth more than the value of the property."
There’s about $60 trillion in public government debt worldwide, and the folks at Visual Capitalist created a chart to show proportions and debt-to-GDP ratio in one handy image. About two dozen countries carry over 90% of the world’s debt, with Japan and Greece having the worst debt-to-GDP ratios. • $60 Trillion of World Debt in […]
U.S. homeownership rate is 63.4%, the lowest since 1967. Bloomberg blames it on a combination of “stringent mortgage standards and wage growth that hasn’t kept up with surging home prices.” As a result, rental vacancy rates a falling and rental rates are increasing.
It’s time for a power upgrade — throw out that tired-out power strip and swap in this family-size USB charger, packed with 6 high-speed ports. With a built-in control chip, Kinkoo optimizes each port to ensure the fastest charging possible for all your devices. The Kinkoo is made from high-grade and durable materials so you […]
Watching Netflix, Hulu or other streaming services can unfortunately be difficult while traveling outside the US. Rather than bypass these restrictions with the help of a complex and slow VPN, choose a faster and simpler solution with Getflix. Instead of rerouting all your Internet traffic through a different server, this handy service only routes the […]
Shake, stir, and muddle your way to delicious homemade cocktails with this must-have bar set. Expect only the finest quality tools from MakersKit — enabling you to unleash your inner mixologist.Top 12 Favorite Things of 2014, Sunset MagazineQuart-size vintage-style Mason jar shakerRetro double jigger for accurate measurementsStrainer & spouts for a mixologist-style smooth pourHardwood muddler […]