Here are a few interesting statistics that compare the Great Depression to today's volatile market. The media, as everyone knows, blows things way out of proportion.
- Unemployment during the depression hit a high of 25%. Today, it is at 6.1% (source: Wall street journal, Newsweek, Department of Labor.)
- 43.8% of home owners during the depression were in default. As of June of 2008, 2.75% of mortgages were in default.
- 40% of US banks failed during the 5 years from 1929-33. Today, there have been 15 banks taken over by the FDIC out of the 8,451 FDIC insured banks nationwide or less than .2% of all banks.
These facts are from Today's Update from Mortgage Market Guide. I just wanted to share a few of the stats with those that do no have access to this great resource.
Justin
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