RealtyTrac has released their latest figures today for foreclosure activity in 2007.
It is important to note that the key word here is “activity.” A foreclosure start is different than the bank actually taking possession and selling to another buyer. But because all numbers are included in much of the research, it often looks like there are a lot more foreclosure sales than there really are.
It is even more important to point out that according to RealtyTrac numbers 15 of the 20 metro areas with the highest foreclosure rates were located in ONLY 4 states. California, Ohio, Florida and Michigan are driving the high foreclosure numbers.
It is NOT a nation-wide crisis.
The nationwide foreclosure rate is 1%.
1%.
Nearly anytime someone loses their home to foreclosure it’s excruciating and I know some very good people who have lost
their homes.
However, by declaring this non-crisis a crisis and pandering to voters, and fashioning dramatic headlines to sell newspapers, it artificially depresses home values in areas where they shouldn’t be.
If you liked my post, feel free to subscribe to my rss feeds
BlogoSquare