Some Truths about Foreclosures!

The foreclosure problem in this country is really a story about 7 states

The biggest foreclosure problem is in Michigan, Ohio and Indiana. These are predominantly manufacturing states

Since 2001, Michigan has lost 300,000+ jobs

The other 4 states are California, Florida, Arizona and Nevada. In each of these states there has been significant overbuilding. 25% of the foreclosures in these states are on properties that are held by investors who were speculating!

35% of the homes in the USA do not have a mortgage

98% of the mortgages in the USA are performing

Only 9% of all mortgages are sub-prime

75% of all sub-prime mortgages are performing

In the other 43 states, foreclosures have fallen in 2007 from 2006

Right now, our local inventory levels are half the national average and well-priced homes are selling fast. In Texas, we really don’t have anything to worry about.