Today, I learnt that as a matter of fact, almost one third of the total numbers of homeowners in US own their home( or homes) free and clear.
Also, only 2.5 % of the total mortgages out there are in default, the rest of the owners are paying their mortgages on time.
In "normal" times, and that include the times when people were rushing the buy property left and right, the normal foreclosure rate was 1.5%. Yes, 1.5%! And I wonder why are we pushed to believe that everything is so bad on the real estate market.
There are areas in this country, like Northern California, Arizona, Nevada and Florida where foreclosure signs have become part of the landscape. But, according to a Countrywide official, these are the same areas with the highest number of loans given currently. So, buyers are buying, demand is still there, money is available, what are we afraid of?
And of course, somewhere in the news, lost between all the negative things poluting our thoughts, we almost missed the fact that several areas in the Midwest and East Coast have seen an increase in the number of transactions and also an increase in medium and average prices.
So beauty is in the eyes of the beholder. And so is ugliness. We see what we want to see, we hear what we want to hear and we believe what we want to believe. And at the end of the day, our panic is posted at the New York Stock Exchange.
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