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NBC and ABC both quoted the latest statistics from RealtyTrac on the dire state of the housing market while CBS examined its fallout on one famous developer. As usual, NBC assigned economic reporting to its sibling network CNBC. The cable channel's housing correspondent Diana Olick contrasted the 630,000 homes going through foreclosure nationwide in the third quarter of 2007 with 800,000, the total for all four quarters of 2005. "And there will likely be no let up in these foreclosure numbers as all of those risky low rate loans that fueled the housing boom will continue to reset--right to the end of this decade." The worst cities are Stockton Cal, Detroit, Riverside Cal, Fort Lauderdale and Las Vegas; the worst states are California, Ohio and Florida. Reported ABC's Jeffrey Kofman (subscription required) from Miami-Dade: back in the spring of 2005 the county had 14,000 condos and homes listed for sale; today the total is 88,000. Levitt & Sons is the famous name profiled by CBS' Kelly Cobiella, the original builder of suburbia immediately after World War II, the eponymous Levittown on Long Island. Now Levitt is in bankruptcy, unable to complete 30 southeastern subdivisions in South Carolina, Georgia and Florida: "Some 600 customers, many of them retirees, with $18m in deposits, are in limbo."
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