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http://www.charlotte.com/523/story/58198.html
(emphasis mine)
This is by design! Why, you ask? Well, Catherine Austin Fitts explains it all here:
http://www.scoop.co.nz/stories/HL0609/S00420.htm
http://www.solari.com/learn/articles_missingmoney.htm
From feds on down, no one keeps close track of foreclosures, limiting oversight
The city of Charlotte does not count foreclosures. Neither does Mecklenburg County. Nor the state of North Carolina. Nor the federal government.
As a result, authorities did not notice an emerging pattern: Foreclosures increasingly were concentrating in starter home neighborhoods.
An Observer analysis of county records found 35 Mecklenburg developments of low-priced homes built in the past decade with foreclosure rates of 20 percent or higher. Dozens of residents say the concentrations have damaged their communities. Prices fell. Renters moved in. Crime sometimes rose.
But as the foreclosures piled up, authorities were unaware.
"We wouldn't know it on a neighborhood level," says Mark Pearce, deputy N.C. commissioner of banks, which regulates loan sellers. "A 20 percent foreclosure rate in a neighborhood that's new is surprising and troubling."
Even the Federal Housing Administration, which insured many of the failed loans, didn't track the concentrations.
The city of Charlotte does not count foreclosures. Neither does Mecklenburg County. Nor the state of North Carolina. Nor the federal government.
As a result, authorities did not notice an emerging pattern: Foreclosures increasingly were concentrating in starter home neighborhoods.
An Observer analysis of county records found 35 Mecklenburg developments of low-priced homes built in the past decade with foreclosure rates of 20 percent or higher. Dozens of residents say the concentrations have damaged their communities. Prices fell. Renters moved in. Crime sometimes rose.
But as the foreclosures piled up, authorities were unaware.
"We wouldn't know it on a neighborhood level," says Mark Pearce, deputy N.C. commissioner of banks, which regulates loan sellers. "A 20 percent foreclosure rate in a neighborhood that's new is surprising and troubling."
Even the Federal Housing Administration, which insured many of the failed loans, didn't track the concentrations.
This is by design! Why, you ask? Well, Catherine Austin Fitts explains it all here:
http://www.scoop.co.nz/stories/HL0609/S00420.htm
http://www.solari.com/learn/articles_missingmoney.htm