Foreclosure "Crisis" is Overblown

"Sure there are pockets of pain-but it isn't as if most American's are losing their homes." More than 99% of homes are not in Foreclosure."

A recent list of year-end mortgage foreclosure rates in 100 top metropolitan areas drew a lot of attention. Released by RealtyTrac, a company that compiles data on home foreclosures, the list showed the number of foreclosure filings in each metro area, the percentage of homes being foreclosed and the percentage change from the previous year.
Though the report had some dismal news -- such as the nearly 4.9% foreclosure rate in the Stockton, Calif., area -- a close look at the data also provides some reassuring information. It tells me, for instance, that the foreclosure crisis is a regional problem, not a systemic one. It could become a systemic problem, of course, but we're a long way from that now.
This news will disappoint the gloom-and-doom crew and all those seeking the excitement of financial upheaval. But it may be time to temper our worry and take a closer look at some of the year-over-year foreclosure statistics:
Though the national rate of foreclosure increased by a whopping 79% between December 2006 and December 2007, the rate was still only 1.033%. Because about 30% of all homes are owned mortgage-free, this means that for all the noise about a crisis, only seven-tenths of 1% of all homes were in foreclosure.
In the top 100 housing markets, the average foreclosure rate was somewhat higher -- 1.38% -- and it was up 78% over the previous year. But if you rank-ordered the list of the top 100 areas, only 34 had foreclosure rates above the group average. Fifty-one areas had rates of 1% or less.
Foreclosure rates actually fell in 14 of the 100 areas. More important, many of the areas with the highest increases in foreclosure rates were rising off rates that were tiny. The Bethesda, Md., area, to offer the most extreme case, saw foreclosures rise 1,288% -- to a rate of 0.682%. In other words, foreclosures there were virtually nonexistent the year before. Today they are still well below the national average. The same can be said for the Albany, N.Y., area (up 638% to 0.25%), the Baltimore area (up 544% to 0.73%) and the Providence, R.I., area (up 354% to 0.41%).

For More information, or for a Housing Counselor:

Contact Wendi-Mae Davis,CRS, GRI
Director of the California Association of Realtors
Broker Associate, Counselor
20 Years of Service
Connect Realty
http://www.wendimae.com/
Toll Free 866-333-6333

Why do you need a Realtor?

Buying or selling a home, or buying investment Property-is one of the most important things one does in their lifetime...other than marriage or having children.

Why wouldn't you want a Professional working right beside you?

In this Supercharged marketplace, you need more than just a Realtor. You need a professional with the unique training and know-how to create opportunities, and identify potential pitfalls up front, and make your home buying experience an unqualified success.

You need a Certified Residential Specialist. A Specialist gives you Exposure, Professionalism, Financing Expertise and Connections, Pricing and Market Knowledge, Negotiaion skills, Advice, Protection, Not to mention Knowledge of Real Estate Law.

Let's Blog...

Wendi-Mae Davis, CRS, GRI
Broker Associate/Connect Realty
Director of the California Association of Realtors
Vice Chair Land Use & Environmental
wendimae@wendimae.com
http://www.wendimae.com
Toll Free 866-333-6333

WARNING SIGNS...of an energy-wasting home

Warning Signs of an energy-wasting home are:

• Mold or persistant moisture on walls or ceiling-especially in the basement or bathroom.
• A roof that quickly dissipates frost or snow.
• A furnace that turns on and off a lot.
• An attached garage with exposed duct work or cracked walls near living space.
• A water heater with burn marks or rust at either end.

Source: Focus on energy

For a library of resources: Wendi-Mae Davis, Broker Toll Free 866-333-6333

wendimae@wendimae.com www.wendimae.com

El Dorado County Real Estate Agent

Hi there,

I am a Full time Realtor selling homes in El Dorado County. Just celebrated my 20th year as a licensed Professional. If you are relocating to El Dorado, or may be interested in an invesment property-calling me just may be your most important move! I have relocation teams in: Sacramento, El Dorado, Placer, Santa Clara, and San Mateo Counties.

A real benefit!

Wendi-Mae Davis, CRS, GRI

Director of the California Association of Realtors

Broker Associate/Real Estate Counselor

Connect Realty

Toll Free: 866-333-6333

Visit my website:

Relocating to El Dorado County