Home Mortgage Facts

Below are some home mortgage facts that many people aren't aware of.

1. 35% of the homes in the U.S. do NOT have a mortgage.
   
   
2. 94.88% of all loans ARE performing (a loan on which principal
   and interest are less than 90 days past due).
   
   
3. The foreclosure problem in this country is really a story
   of seven states.
   
   
4. The BIGGEST foreclosure problems are in Michigan, Ohio,
   and Indiana. These are manufacturing states that experienced
   horrible job losses. Since 2001, Michigan has lost 300,000
   jobs. These states would have had problems no matter what
   the market conditions happened to be.
   
   
5. The other four states: Arizona, California, Florida, and
   Nevada--experienced significant overbuilding. Twenty-five
   per cent of the foreclosures in these states are on properties
   that are held by investors who were speculating.
   
   
6. ONLY 25% of all mortgages are subprime, and of these 75%
   are performing.
   
   
7. In the other 43 states, foreclosures have fallen in 2007 from
   2006 reported numbers. In California which is the predictor
   of what is to come in Florida, the following is being said……
   According to Leslie Young, chief economist for the California
   Assoc. of Realtors, (which mirrors what we are seeing here)
   that the areas being hardest hit in California are the outlying
   areas where there has been overbuilding. The resale market
   in California's major markets continues to be strong. In fact,
   the closer you are to a metropolitan area, the better the sales
   are. In the million-dollar plus price range, there has been
   essentially no change from 2006 to 2007.
   
   
   

Amit Bhuta
Real Estate Helper
Kendall Village Homes
(305) 439-3031
www.DadeCountyMLS.com