With all the negative media coverage of the real estate market recently, I took an unscientific poll today and asked some smart folks their thoughts about real estate foreclosures. Specifically, I wanted to see how well the media's bashing of real estate has convinced folks that the sky is falling. I asked, "Based on the number of South Carolina real estate foreclosures and North Carolina real estate foreclosures that took place during the second quarter of 2006, what do you think happened during the same period in 2007?"
Every person I asked thought that the number of foreclosures was up - by double digit percentages - this year. Some said that they wouldn't be surprised if the numbers doubled! What a surprise it was, then, when they discovered that, in fact, South Carolina experienced 4% fewer foreclosures this year, and North Carolina's foreclosure rate dropped 3% this year. In fact, the number of foreclosures dropped, or remained unchanged, in eight states, according to the Mortgage Bankers Association.
Once again, we call upon the media to go find some other market to knock around. You've done enough here, thanks.
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