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News from the Chief Economist for the National Mortgage Bankers

By
Real Estate Agent with Benchmark Realty TN 288457

This is some really good information to share with your clients.If you are in business in one of the states Mr. Duncan speaks about than God Bless and Hold On!


Following are the bullet points that he made in defending his comments
regarding the current housing/mortgage issues:
* The foreclosure problem in this country is really a story about
seven 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 four states are California, Florida, Arizona, and
Nevada. In each of these states there has been a significant
overbuilding. 25% of the foreclosures in these states are on properties
that are held by investors who were speculating.
* California and Florida have been hit very hard.
* 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 these mortgages are sub-prime.
* 75% of all sub-prime mortgages are performing.
* In the other 43 states, foreclosures have fallen in 2007 from
2006.

Comments(2)

Robin Willis
eXp Realty - Tucson, AZ
CDPE, SRES, Associate Broker
We have certainly experienced overbuilding here in Arizona.  However, most builders are cutting down on their building to about 10% or less in the upcoming year, according to my inside information from a client that owns a construction business.
Oct 11, 2007 08:23 AM
The Brewer Team - Benchmark Realty
Benchmark Realty - Franklin, TN
Paul I'm going to pass this post to my buyers who think that Tennessee is like the rest of the country that the media reports on. I have one buyer who is from Arizona, and all he wants to do is find a perfect house in a great neighborhood, and make an offer about 15 to 20 percent lower than the comps say the home is worth. I keep telling him that this is not Arizona, but he still wants to waste my time.
Nov 18, 2007 12:21 AM