Todays (2/26/8) Tennessean Business article headlines about foreclosures in the US says that, according to RealtyTrac Inc. and a CA research firm, foreclosure activity increased 57% in January versus last year. Sounds terrible doesn't it!? THE SKY IS FALLING! Yet go further in the article and you see that these foreclosure numbers represent 19 out of every 10,000 household. Doing that math shows .19% of homes in foreclosure in January!! Not even 1%. Another way to look at it is to say that 99.81% of households are NOT in foreclosure. Strip out Florida, California and Nevada and the numbers would be so small as to be barely measureable.
Isn't this foreclosure situation as much a media event as anything else? Granted, if it's your house or your neighbors it's a big deal. But step back and look at the national numbers and it would look a lot better if someone would reverse the numbers.
Richard
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