Comments on: Los Angeles Foreclosures http://povertyblog.net/2009/05/18/los-angeles-foreclosures/ understanding trends and what to do about them Sat, 27 Feb 2010 21:17:19 +0000 hourly 1 http://wordpress.com/ By: Housing and inequality « Poverty and Inequality http://povertyblog.net/2009/05/18/los-angeles-foreclosures/#comment-181 Fri, 28 Aug 2009 04:10:48 +0000 http://povertyblog.net/?p=486#comment-181 [...] Much of the angst has arisen from the stratospheric increase in home mortgage delinquencies and foreclosures. A recent NY Times feature series traces the sad tale of one short cul-de-sac in Moreno Valley, [...]

]]> By: Big Brother http://povertyblog.net/2009/05/18/los-angeles-foreclosures/#comment-129 Sun, 24 May 2009 12:03:51 +0000 http://povertyblog.net/?p=486#comment-129 This chart confirms that the significant increase in foreclosures was not the result of a slowing economy or recession (that didn’t start until Dec. 07 at the earliest) — it was the result of folks getting mortgages that exceeded their means/the value of their homes. Easy credit was the problem, compounded by irresponsibility by (some) borrowers.

Living within your means, paying off/avoiding debt, and saving for a rainy day are time-proven measures for success. Taking on a mortgage you can’t repay is a recipe for disaster.

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