Wednesday, November 16, 2011

The Anti-Cleveburgh metric: Foreclosures

Awfully similar to the graphic I pointed out years ago in The Atlantic magazine... here is recent work by the Cleveland Fed with a map of foreclosure incidence by county (source).   Still a remarkable graphic in that you rarely see such state level geography show up so starkly.

If you really parse it. it is even more remarkable in that in good times and bad there is some level of foreclosure that happens no matter. Sort of like 'frictional unemployment'. No foreclosures are good, but when it comes to looking at the impact of the national foreclosure crisis and/or recession impacts, you need to think about what the change has been from that baseline. For SW PA... there has not been much of even a blip overall from what the trend was before. Where there are impacts, they really are localized in very specific neighborhoods and communties and in many cases are patterns that were problems before.


Blogger Sextant said...

I don't know if it had any impact, but I remember of reading that when National City had their crisis that operations in Pennsylvania were still solvent due to the banking regulations in PA. National City's problems stemmed from bad mortgages and loans in Ohio due to a lack of regulation. The graphic seems to verify that notion.

Wednesday, November 16, 2011 2:31:00 PM  
Anonymous DBR96A said...

From what I heard, Pennsylvania really stiffened the penalties for predatory lending practices sometime early last decade. If that's true, then it's quite fortuitous because it was only a short time later that the real estate bubble began to inflate.

Thursday, November 17, 2011 12:29:00 AM  
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