"The problem with socialism is you eventually run out of other people's money" - Margaret Thatcher
"The curious task of economics is to demonstrate to men how little they really know about what they imagine they can design" - F.A. Hayek
Wednesday, December 10, 2008
Take a look at this picture. The trouble is in red.
This picture shows how the worst of the foreclosure mess is pretty concentrated in California, Florida, Las Vegas, Phoenix, Atlanta and Northern Virginia. Remember, California has 30% of the market value of the nation's housing stock.
According to Professor Mark Perry without AZ, CA, FL and NV, Nov. Foreclosures Fell by -10%, And Are Up By Only 1.6% vs. Last Year
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