More CRA Idiocy

Thursday, December 11, 2008 | 02:30 PM

Howard Husock has an exercise in cognitive dissonance in today's NYT Op-Ed pages titled Housing Goals We Can’t Afford, and it begins:

"The national wave of home foreclosures, many concentrated in lower-income and minority neighborhoods, has created a strong temptation to find the villains responsible."

What can you say about an Op-Ed whose very first sentence is a giant pile of steaming bullshit? That statement is demonstrably false. As the prior post on foreclosures shows, the concentration is mostly middle class and upper middle class white suburban neighborhoods.

California leads the nation in foreclosures. The state’s foreclosure activity was up 51% from a year ago. These are not CRA communities, they are what were hoped to be surburban bedroom communities east of the major cities (San Diego and L.A.)



Thursday, December 11, 2008 | 02:30 PM | Permalink add to | digg digg this! | technorati add to technorati | email email this post


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