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.
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