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Foreclosures !!??!! Le's GET the FACTS STraigHT !!!

By Marie Kletke

Real Estate Agent with iNet Realty

March 31, 2008 01:50 PM

We hear it Every Day !!! We seem to meet many of them - people losing their homes to the bank. Newspapers, television, magazines - all of them telling us the bad news: The economy looks grim and this is a real sad time for real estate. Did you ever wonder what the numbers really mean?

Here are the facts:

30% of all homes in America have no mortgage - That means they are owned free and clear.

20% of all homes in America are owned by investors and are rented out.

50% of all homes in America have a mortgage. .05% of these homes are in foreclosure !! 75% of these foreclosures are found in California, Arizona, Nevada and Texas.

Wow! If you listen to CNN, it sounds like 1 out of 2 homes are being repossessed when in actuality, 1 out of every 400 homes are in foreclosure.

I urge you to consider these facts the next time you see, hear or read the next news of doom and gloom in real estate. Or, you can call me at (562) 248-0154 and we can discuss your concerns.

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Cree Quaker

The Machree Group, LLC - Woodstock, NY

Ulster County Real Estate

Aweome post Marie. Our area is up 7% an sometimes see one or two foreclosures, but buyers think that every motivated seller is about to lose their home...when in fact, they are not.

Mar 31, 2008 01:57 PM

Linda Lipscomb

Linda Lipscomb RE/MAX Lexington Henderson County TN - Lexington, TN

731-695-1118, Lexington TN Homes

Marie,

Thank you so much for the stats. Good information.

Mar 31, 2008 02:00 PM

Laurie Logan

Keller Williams Realty, Inc., Broker Associate - Madison, WI

South Central WI Real Estate

Hi Marie,

I advise anyone I talk to of these stats, and encourage other agents to do the same.

Our foreclosure rate is up, yes, though nothing like the 'hot spots' of the country that make the news.

Mar 31, 2008 02:07 PM

Randy "Lazarus" McAtee

Lazarus Realty - Fresno, CA

Owner/Broker, Lazarus Realty, Fresno California

OK --- but when they bundle up those foreclosure homes in 100 million dollar packages and try to get buyers to purchase the paper at 60% of original price and cant find any bidders then we have a liquidity issue, and that my dear will affect everyone (as you are witnessing right now).

There are only so many buyers out there -- in our market for every buyer that is looking for a home there is MANY foreclosures to choose from - not to mention the short sales and the average folks who need to sell their home for whatever other reason.

Just imagine If they changed the financial system tomorrow and took away credit purchases. The only reason real estate is priced the way it is - is because we have a system that allows us to pay over 30 to 50 years.

Mar 31, 2008 02:20 PM

Jeff Payne

The Payne Group at Keller Williams Success Realty - Panama City, FL

Panama City Real Estate

Great post Marie, this is not something that the media would like to print for sure.

Mar 31, 2008 02:21 PM

Charlottesville Solutions

Charlottesville Solutions - Charlottesville, VA

The media (as usual) blows things way out of wack!

Your Friend in Charlottesville Virginia!

Apr 01, 2008 01:23 AM

Foreclosures !!??!! Le's GET the FACTS STraigHT !!!

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