- 35% of U.S. homes don't even have a mortgage.
- About 95% of all current mortgages are in good standing.
- The foreclosure mess is really focused in seven states (the other 43 are ok).
- There are big problems in Michigan, Ohio, and Indiana, due to manufacturing job losses. They likely would have had trouble, regardless of the rest of the market.
- Florida (and especially counties like Flagler, where Palm Coast was "the fastest growing city in the U.S. for 2004-2005), California, Nevada, and Arizona are suffering from over-building. 25% of the foreclosures here are with speculators who finally lost the game of "buy & flip."
- Only 25% of mortgages are "sub-prime," and of these, 75% are performing well.
- In the 43 states where things are ok, foreclosures have actually fallen in 2007... down from 2006.
There... some good news. It's out there, but it's buried under the spin :-)
(Information for this article is excerpted from the January, 2008, "Agent Direct News," from Jacksonville, FL, and the original data is from an Inman News Report from 11/16/07)