The Balanced Facts on Real Estate

• 30%, 24 million of all homeowners own their homes free and clear. This is out of 76 million households in the U. S. that own their home.
• 97.2% are not in foreclosure out of 52 million homes with mortgages. 93.8% of these are current on their payments.
• Only 14 U. S. banks were taken over in 2008 compared to more than 1,000 banks closed in the year l930.
• Over 20% of homeowners with a mortgage owe more than their home is worth.
• 40% of all foreclosures are non-owner occupied.
• 40% of all sales in 2005 were non-owner occupied out of 7.1 million sales nationally. This is the highest number in our history.

Nationally how did we get here? (figures represent highest number of homes sold in a year and the average number of homes sold each year in  the decade)

Remember 40% of the homes sold in the 2000's were non-owner occupied and the above doesn't include new home sales.

In 1999 our Federal Congress passed a series of laws to loosen qualifying standards for loans and continued to pressure lenders to keep lowering the standards so more people could enjoy homeownership.

The law of supply and demand. Major builders can't get construction loans so lack of financing has and will continue to cut down on supply.

In three years it is estimated there will be a shortage of homes & rentals.

Sources:  Wall Street Journal/Moody's/RealtyTrack/NAR/Forbes/BrianBuffini.com/Paul Ward

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Contact Craig for more information on foreclosures and investment properties  925-984-4910