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Ranking the Subprime Tailspin

It’s hard to rank the effect of people losing their homes metrically. Still, the Kansas City Star has a chart
showing, by city, how hard the impact of the subprime fallout is hitting across the country. Despite reports of as much as an estimated 21,000 affected homes and 2 billion dollars worth of subprime debt in the Finger Lakes area, New York cities have gotten off much easier than others across the country. It’s scary that such dismal numbers constitute “not that bad.”

Rochester’s ranked number 84, fairing better than Buffalo but worse than Syracuse. That seems like a good thing, and certainly, being at the bottom of this particular list is better than the top (a refreshing change, actually). But hold on: check out the percent change. We’ve had 58.2% more foreclosures this year than the same quarter last year, but 39.3% less foreclosures than last quarter?

Of course, a lot of this is reflected when you go check out Nothnagle.com and similar sites: there has been a swell of new homes on the market over the last half year.  Hopefully, that tapering we’re seeing between last and the current quarter is a trend that continues, but nationally, the prediction is that we’re only seeing the beginning.

By Tommy Belknap

Owner, developer, editor of DragonFlyEye.Net, Tom Belknap is also a freelance journalist for The 585 lifestyle magazine. He lives in the Rochester area with his wife and son.