Some facts to know:
More than 1000 banks closed in 1930 – only 14 U.S. banks have been taken over in 2008
There are 76 million households in the U.S. that own their home - 24 million of these homes are free and clear
There are 52 million homes with mortgages - 97.2% of these are not in foreclosure, 93.8% of these homes are current on their payments
On a sobering note:
Over 20% of homeowners with a mortgage owe more than their home is worth
40% of all foreclosures are non-owner occupied
How did we get here?
Decade Homes Sold High Homes Sold Average
1970’s 3.9 million 3 million
1980’s 4 million 3.3 million
1990’s 4.9 million 3.9 million
2000’s 7.1 million 5.6 million
Resale numbers – the above does not include new home sales.
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