Kiplinger had an interesting graphic the other day that showed how much foreclosures have increased in 2007 and 2008 on a per state level (“The Rise of Foreclosure Filings“). The graph shows the effect of geography on housing, and there can be a pretty stark difference in the rate of foreclosure filings from states right next to each other. Some interesting observations:

  • One state, Nebraska, actually had a negative increase in the rate of foreclosure filings (-12.27%). Off the top of my head, I don’t have much of an idea for why Nebraska would experience a decrease while the rest of the country featured sharp increases.
  • The highest increase in the rate of foreclosure filings? South Dakota, coming in at 1,575%. Wow.
  • 21 states had an increase of over 100%.
  • The highest hit regions appear to be the East Coast and West Coast, which isn’t all that surprising considering those areas are generally considered the most expensive in the nation.

I’ve seen a lot of graphs during the recession that describe data similar, but this one really drove the point home, and I thought it was really interesting.

-Michael

MANAGE YOUR MONEY TOGETHER

Here are some simple guidelines for DINKS to build wealth:

1) Collaborate: Meet regularly to talk about money, set goals together, track and monitor them.

2) Understand and respect your partner. Take time to understand your partners values about money.

3) Watch the numbers. Get a budget, monitor your spending and track your net worth.

4) Max your retirement. Maximize contributions to your tax deferred retirement accounts.

5) Invest in stock. Stocks perform better than bonds or cash.

6) Avoid high interest debt. Credit cards and title loans are financial cancer.

7) Diversify. Don't put all your eggs in one basket.

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