“Man Pays Mortgage-On Time!” How ‘Bout that for a Headline?

March 29th, 2009
Written by Suellyn Godino
Categories: Mortgage Info

Everywhere I go, I get asked “how’s the real estate market?” Because this question is usually posed to me on a chairlift, in Starbucks, City Market or the Tug Boat, I usually reply with what is happening in our market. We all know that real estate is extremely local, but for a change (and because I am at my computer) I thought it best to share some interesting national stats. The most vocal opinions regarding the national real estate market that one hears about on television and radio and reads on the Internet and in the print media seem to depict only negativity. Below are facts which were obtained from the Wall Street Journal, Moody’s Economy.com, Realty Trac, NAR, and Forbes which are quite compelling. I’ve discovered that there are many misconceptions believed by the “average” citizen who believes that there is even MORE doom and gloom than what is being depicted in the media. I do believe that more dissemination of statistics and info like the following is what’s needed to dispel the “mental recession” that we have gripping Americans today.

There are 76 million households in the U.S. that own their home of which 24 million have no mortgages (31%)

There are 52 million homes with mortgages of which 97.2% are not in foreclosure and 93.8% are current on their payments.

More than 1,000 banks closed in 1930-14 U.S. banks were taken over in 2008

Interest rates are at historic lows-which equal greater buying power

The new $8,000 tax credit is available for first time home buyers (those that have not owned a home in the past 3 years)

Feel better?

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