June 13, 2008 – Under Water – Cedar Rapids Floods – Foreclosure Crisis Worsens
June 13, 2008 – A day where the words “Under Water” held more than one meaning.
In Cedar Rapids Iowa, flood waters were rising and inundating homes. Nine of the state’s rivers were at or above flood stage, hitting the downtown area with over 100 city blocks under water and threatening to flood a hospital. Thousands of residents fled, while others stayed and negotiated through chest-deep water, hoping to rescue personal items. Long time residents in Cedar Rapids remarked they had never seen waters that high and it would be years before things got back to normal. Flooding also spread to areas of Minnesota and Wisconsin.
Throughout the rest of the country, the phrase “Under Water” meant the Foreclosure crisis was worsening with no indication the bottom had been hit yet. For the second month in a row, a record number of foreclosures were taking place with Nevada leading the country, followed by California. Stockton California won the dubious distinction of being the Foreclosure Capitol Of The West, but the affluent Cape Coral/Ft. Myers Florida area ranked second. The foreclosure rate on higher ticket homes was considerably higher than it had been historically. Much of the problem came down to consumers being overextended and buying properties that were, at the end of the day, over-valued. Nine of the top-10 cities on the foreclosure list were in Florida with California. And 10 years later, it’s as though nothing ever happened – the housing bubble has gotten bigger, the curbs instated 10 years ago have largely been reversed – home prices have skyrocketed and home values are questionable. And the definition of insanity is . . . .?
And Exxon-Mobil was getting out of the gas station business. Officials cited there just wasn’t enough profit to made by owning gas stations, so it was phasing out and selling to individual operators some 2,000 gas stations over the next few years.
And that’s just a little of what went on, this rather skewed day, only ten years ago – June 13, 2008 from The CBS World News Roundup; Late Edition.