Thursday, October 18, 2007

Map of the Week #96 - Business Week's "Map of Misery"

Feeling glum about the shorter days? So is Business Week. They put out this "Map of Misery". It took some digging to figure out exactly what they're showing here but it's basically the percentage of people who are getting new or refinanced loans that allow the option to make lower payments in return for getting hammered with future interest debt. This phenomenon seems to be prevalent in the expensive and desirable communities such as Santa Barbara, Boca Raton and of course, Jersey City.

1 comment:

Michael5000 said...

That loan option only makes sense when

a) you are confident property values are on the rise, and

b) you don't plan on staying in place very long.

Otherwise, you're doomed.

So, cities with a fairly footloose population (off to the burbs/next town!) or retirement communities (off to the grave!).