Tired of Media Spin...Consider the following
1. 35% of homes in America don't have a mortgage
2. Subprime mortgages represent 25% of all mortgages in America. 75% are performing.
By calculation we see that 94.88% of the total loans are performing.
3. The forclosure problem in America is really about 7 states. The biggest forclosure problems are in Michigan, Ohio and Indiana. Those are manufacturing States that had terrible job losses.
These States would have had problems no matter what the market was doing
4. The other 4 States - California, Florida, Nevada and Arizona - experienced significant overbuilding. 25% of the foreclosures are on properties that are held by investors who were speculating.
5. In the other 43 States forclosures have fallen in 2007 from 2006
1. 35% of homes in America don't have a mortgage
2. Subprime mortgages represent 25% of all mortgages in America. 75% are performing.
By calculation we see that 94.88% of the total loans are performing.
3. The forclosure problem in America is really about 7 states. The biggest forclosure problems are in Michigan, Ohio and Indiana. Those are manufacturing States that had terrible job losses.
These States would have had problems no matter what the market was doing
4. The other 4 States - California, Florida, Nevada and Arizona - experienced significant overbuilding. 25% of the foreclosures are on properties that are held by investors who were speculating.
5. In the other 43 States forclosures have fallen in 2007 from 2006
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