Fin. Times of London ranks TX No. 1

[BC Lightning]

The Financial Times of London has declared Texas the top U.S. state in terms of its ability to weather the current economic storm.

http://dallas.bizjournals.com/dallas/stories/2008/10/20/daily57.html

[WA 2 FST]

Our foreclosure rate is considered good? LOL

The foreclosure rate of the 6-7 major counties in N TX is among the very highest in the entire US. All the "new money" in Collin and Denton Co is drying up, and foreclosures are sky high.

Granted, this is only one area of TX. I haven't kept up with the other major metro areas.

[Mika]

Other parts of the country have been hit hard. South Florida is one of those areas. People got into 2-5 year ARM loans, and they can't afford to pay once the interest only part ends. Also, the real estate market cooled off A LOT. People were paying 400k 2 years ago for houses that go for 225-250k nowadays. Another reason why this country's in the economic situation it is right now(getting loans for more than what they can afford).

Edit: I know that people are feeling the crunch here, but it's more evident in other parts of the country.


Mika

[WA 2 FST]

Oh, I understand other parts have been hit hard... I guess they've been hit REALLY hard if TX is supposedly the most stable.

The real estate market hasn't cratered around here like what you mention in S. FL. People can't afford their mortgages all the same, but their houses aren't worth 50-60% of what they were just a few years ago. That's amazing, and its too bad. The people can't pay the mortgages and the banks can't unload them, either. Ouch.

[L8 APEX]

They showed compete blocks in some cities that were foreclosed or vacant. It was a crime haven at that point...