Foreclosures aren't nearly as bad as you'd think

A lot of people have been talking about Foreclosures in this soft market and with the national foreclosure rate up more than 78 percent in the last year; you can see why they're talking.

But what most people don't know is that the problem is REGIONAL and not affecting the OVERALL market. In fact the stats show that over 98 percent of homes in the real estate market were NOT affected. In fact, the exact amount was a mere 1.033 percent of homes that were dealing with foreclosures.

"Okay Anita, but how do I, the consumer, make sense out of ALL the foreclosure news I hear?"

Well I will break it down right here, right now.

First of all, foreclosure rates actually FELL, meaning fewer foreclosures, in 14% of the top hundred areas.

Second, the stats are never presented in context. 

And third, only 70 percent of homes are even in the running for foreclosure since the other thirty percent are owned outright (free and clear) from the bank. 

To be sure about foreclosures in your area contact a trusted Real Estate Agent or Broker, and they will be able to let you know how foreclosures are truly affecting your area.

 

5 Comments on Foreclosures aren't nearly as bad as you'd think

Anita

I too have read the 1%, stat nation wide, seems like the press should do a little math instead of always concentrating on the negative stories. Whenever 99% of any part of the population (the majority) is in reasonably good condition isn't it sad when the media makes such a big deal out of the minority (the 1%).

Thanks for the post

03/13/2008 05:56 PM by Steve Loynd, Alpine Lakes Real Estate Inc., Loon Mt, NH.


Anita,

Good blog. See this is what consumers need to hear. Remember people it's all about location, location, location!

03/13/2008 06:04 PM by Renee Busse - Dyer County, TN Real Estate (Carousel Realty of Dyer County)


great information thats why I love working with you, your years of expertise show in everything that you do.

03/14/2008 05:02 AM by Michael Leznik - Los Angeles REALTOR and Community Guide (Keller Williams - Sherman Oaks / Encino)


I enjoy working with you Anita.  Thank you for the amazing mentorship.

03/20/2008 10:15 PM by Heather Black (Keller Williams )


I firmly believe in purchasing foreclosed properties, but just like a normal real estate investment, you have to be city growth and market health conscience. Do your research and find the best foreclosed property markets before investing.

04/07/2008 08:29 PM by Grant Hammond - Nashville Homes (Realty Executives)


Leave a response…

Name:
Notify me of new comments:
Comment:
What does the graphic say?
 
Real Estate Brokerage: The Rich Group Keller Williams
Anita Rich
Studio City, CA
More about me…
The Rich Group Keller Williams

Office Phone: (818) 380-5202
Cell Phone: (818) 632-2258
Email Me

Links

Tags (Tag Cloud)

Archives

RSS 2.0 Feed for this blog
ATOM 1.0 Feed for this blog

Find CA real estate agents and Studio City real estate here on ActiveRain.
Disclaimer: ActiveRain Corp. does not necessarily endorse the real estate agents, loan officers and brokers listed on this site. These real estate profiles, blogs and blog entries are provided here as a courtesy to our visitors to help them make an informed decision when buying or selling a house. ActiveRain Corp. takes no responsibility for the content in these profiles, that are written by the members of this community.
© 2007 ActiveRain Corp. All Rights Reserved