Recent data distributed by Realtytrac, a company that compiles data on home foreclosures, showed that foreclosures are not a national crisis, but more of a regional problem.
There are pockets, places such as Stockton, CA and Las Vegas, NV where the foreclosure rate is in excess of 4%, however, the national average is 1.033%. Considering the fact that 30% of all homes are actually free and clear of any mortgage, the true foreclosure rate is actually seven tenths of 1% of all homes.
Although the media loves bad news, organizations such as MSN, Time Magazine and others are now starting to report factual data such as this to give the market some perspective. They whip everybody up into a frenzy and are then able to present a counter balance story. Either way, know your facts, know your numbers and give your clients perspective.
Great sources for data on the web are NAR, AARP and MSN Money. In print, check out Realtytrac, Swanepoel Trends Report, and Money Magazine. I’ll also be doing my best to distribute solid data so that you can keep perspective and help your clients do the same. Keep your head down working hard.
It’s a good life!