Do you realize that only 2.75% of all mortgages are in foreclosure? And only another 6.45% are one month late. 39% of all mortgages in foreclosure and 59% of all arms in foreclosure are in two states (California and Florida).
So in other words, of the 78 million homeowners, 2.15 million are in foreclosure and about 7 million are late or are close to foreclosure. Which means that 64 million people are paying their mortgage on time. These numbers came from the NAR speaker who spoke at the GNAR convention.
However, with the negative media coverage, tighter lending requirements, the election, and the wallstreet debacle, consumer confidence and buying are slowing!!
We need to get off the dead horse that everyone else is riding and do something different. Where there is trouble, there is opportunity for those prepared
It is our job as Realtors to get out and tell the public the truth. The public must be made aware that now is the time to buy. Low interest rates and a large home inventory should attract more buyers, but instead the negative media campaign is telling consumers of all the reasons that buying a home is a serious risk at this time.
Spread the word folks, lets all band together and educate the buyers and prove that we can make a difference!
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