Foreclosure “Crisis” Is Overblown
March 19, 2008
Although the national foreclosure rate rose 79 percent between December 2006 and December 2007, the rate was still only 1.033 percent of all homes. This is a regional problem, not reflective of the overall real estate market.
MAKING SENSE OF THE STORY
• Foreclosure statistics are rarely presented in context. Because about 30 percent of homes are owned free and clear, only seven-tenths of 1 percent of all homes were in foreclosure last year.
• If you rank the top 100 foreclosure areas identified by RealtyTrac as reported by MSN Money, only 34 areas had foreclosure rates above the group average.
• Fifty-one areas had foreclosure rates of 1 percent or less.
• Foreclosure rates actually fell in 14 of the top 100 foreclosure area
Posted in Real Estate
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