snapshot of the economy

[Martha]

I get each week the financial record for our county. This lists all bankruptcies, foreclosures, tax liens, lawsuit judgements, real estate transfers, and foreclosures. Interesting to watch the ups and downs.

My observation for this little piece of the United States is that:

--bankruptcies are way up this year
--foreclosures are up a bit this year
--tax liens are way up this year
--judgments are flat
--reall estate transfers and mortgages are still maintaining high levels this year, but not increasing


I wonder how the rest of the country is doing.

 

[KB]

Could the bankruptcies be up as people are trying to beat the new laws? Have the new bankruptcy laws gone into effect yet?

I read the local forclosure notices in my town's paper each week. The mortgage amounts they are defaulting on have drastically increased in the past few years. Of course the prices of houses have gone up too, so maybe it's an equal situation. Lots of scary high mortages though.

 

[Michael]

Bankruptcies have reached a record high in England also:

http://news.bbc.co.uk/1/hi/business/4520973.stm

 

[BUM]

I get each week the financial record for our county.


I wonder how the rest of the country is doing.

Martha,

How can I get this info for my (any) county? If a bunch of us did this the data would be interesting.

 

[BigMoneyJim]

How can I get this info for my (any) county? If a bunch of us did this the data would be interesting.

Indeed. Documents can be copyrighted, but as I understand it information cannot. Is there a website that aggregates information like this and allows access to it for number-crunching people like we have around here? Making such a site is an idea that's been lingering in my head.

 

[Martha]

Martha,

How can I get this info for my (any) county? If a bunch of us did this the data would be interesting.

It would be interesting but I don't have a clue. Our country has someone who decided to collect the information and publish it weekly. Businesses like mine buy a subscription. They collect the information from the state and federal court house records. Very nice to have, especially if you are in the creditor/debtor business.

 

[Martha]

Could the bankruptcies be up as people are trying to beat the new laws? Have the new bankruptcy laws gone into effect yet?

The new bankruptcy law doesn't go into effect until October. I think the current rise in bankruptcies probably isn't effected much by the new law. Most people end up filing bankruptcy when they feel they have run out of options. Maybe they are getting garnished. Maybe they can't take the collection calls anymore.
However, I'll be August and September bankruptcies will be way up.

 

[Martha]

Indeed. Documents can be copyrighted, but as I understand it information cannot. Is there a website that aggregates information like this and allows access to it for number-crunching people like we have around here? Making such a site is an idea that's been lingering in my head.

I don't think so, I never have run into one. I think the idea is a good idea but might be burdensome to collect the information. The bankruptcy info would be easy to get--most all bankruptcy courts are now online, you can see who filed and for a small fee you can get details on the debts and asset.


The tax liens are usually filed two places--in county real estate records and with secretaries of state. Judgments, recorded mortgages and foreclosures are found on a local, county leve. This information will be much more burdensome to get, unless someone has already gathered the data, as occurs in my county.

Edit: BMJ, I am pretty confident my firm would pay for a subscription to a web site that provided all this information in one place.

 

[uncledrz]

Bankruptcies have been going up for a number of years now so I don't think that we can attribute the recent upswing to the new law, although there is no question that bankruptcy lawyers are going to be doing many more filings in the next few months.
I believe that the ease of credit, the increase of its use and the impact of the economy has caused the increase in bankruptcy/forclosure.

 

[sgeeeee]

The new bankruptcy law doesn't go into effect until October.  I think the current rise in bankruptcies probably isn't effected much by the new law.  . . .

You may be right, but in Phoenix the TV has been blitzed with adds by legal firms encouraging people to file for bankruptsy now because it's still possible to get into the courts before the new laws take effect. I don't watch much TV, but I've seen several of these commercials over the past month or two.