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?
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.