even if you are in miami which has a lot of foreclosure problems there are communities that are doing reasonably well. housing is very local. it does depend on where you live. let s look at this graphic. foreclosures, 3.4 million homes have been foreclosed on since 2006. this is the driving force behind continued price declines. this is the biggest problem we ve got it. it is the biggest problem. we have 4 million mortgage loans sitting in the foreclosure process or seriously delinquent and likely to go to foreclosure. as those homes hit the marketplace they are sold at a discount and that drives down pricing. if you go to the parts of the country where foreclosure are not a significant issue, for example, texas, house prices are much better. they are doing very well. as the job market improves that provides support to housing.
2011. we have millions of loans that are in the foreclosure process. the bulk of which will go to a foreclosure or short sale. those homes are sold as a discount. we will see price weakness. particularly in those areas of the country where you have a lot of foreclosure problems. you make a good point. let s look at a map of the country, the major centers where we have seen price gains and drops. you can see there, you can see the gains starting from the top to the places where you have seen the biggest losses, san diego at the top, miami at the bottom. there are places you are seeing some gain. at this point, mark, is the question for you if you are a buyer or a seller, more of a local question than it is more of one having to do with the national economy? sure. absolutely. it really does depend on where you live.
between now and the fall of 2011. we have millions of loans that are in the foreclosure process. the bulk of which will go to a foreclosure or short sale. those homes are sold as a discount. we will see price weakness. you make a good point. let s look at a map of the country, the major centers where we have seen price gains and drops. you can see there, you can see the gains starting from the top to the places where you have seen the biggest losses, san diego at the top, miami at the bottom. there are places you are seeing some gain. at this point, mark, is the question for you if you are a buyer or a seller, more of a local question than it is more of one having to do with the national economy? sure. absolutely. it really does depend on where you live. even if you are in miami which has a lot of foreclosure problems there are communities
much bigger stimulus than expected. the disappointment, john, is that they haven t done anything hard about the deficit. it was not accompanied by any action to show that they are serious. now that we ve had the candy, what about the castro oil we re going to have to take next year? it s going to get tougher on the middle class next year. by the way, i think the rich are going to have to pay more, too, as they should. and that is the question. what a lot of democrats think, for the next two years, you re not going to get a tax increase so when you get around to dealing with the deficit, where does that money come from? the people sitting here who are dealing with homeless issues, foreclosure problems, going after food stamps, trust me, come february, they are going to feel this is where the cuts are going to come from. if you re secretary arnie duncan, and democrats are saying that they are going to have the very same program with the president that you want to protect. you explain
underpinnings of it. here now is stuart varney, host of varney & company on the fox business network. where s the bottom in this thing, anyway? today you re going to see beat up on the bankers big time. it s going to happen today, two leading bankers in the foreclosure arena, one from bank of america, one from chase home lending, they ll be dragged before congress, and as you say, martha, there is this report, it s from the congressional oversight panel that s usually really, really that s using really, really harsh language. this is what the politicians are throwing at bankers, the foreclosure problems could cause the housing market to collapse. collapse is their word. they re talking about a severe threat on the entire financial system. they re really talking about a worst case scenario here and at issue is who owns these homes. they ve been foreclosed upon, who actually owns them and who owns the mortgages on those homes. you ve got this huge paperwork mess, so the actual owners