Wednesday, September 24, 2008

Foreclosure Stats

There are some mixed statistics on actual forclosures. The Mortgage Bankers Association puts the rate at 1.08 percent nationally.

RealtyTrac states that only 1 in 416 homes is actually going into foreclosure right now (0.2 percent).

Here is a good source for foreclosure information for those who want to read more.

Whichever number you want to use, 99 percent of all homes are not in foreclosure. If we assume that about 6 percent of homes are late on payments, we can still see that 93 percent of homeowners are making their payments. Given that figure, there is no need to force this 93 percent to take on the financial burden of saving Wall Street firms.

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