Is IT So Bad?

News from the Chief Economist for the National Mortgage Bankers Association, Doug Duncan
.
Following are the bullet points that he made regarding the current housing/mortgage issues:

 The foreclosure problem in this country is really a story about seven states.

 The biggest foreclosure problem is in Michigan, Ohio, and Indiana. These are predominantly manufacturing states.

 Since 2001 Michigan has lost 300,000+ jobs.

 The other four states are California, Florida, Arizona, and Nevada. In each of these states there has been a significant overbuilding. 25% of the foreclosures in these states are on properties that are held by investors who were speculating.

 California and Florida have been hit very hard.

 35% of the homes in the USA do not have a mortgage.

 98% of the mortgages in the USA are performing.

 Only 9% of ALL these mortgages are sub-prime.

 75% of all sub-prime mortgages are performing.

 In the other 43 states, foreclosures have fallen in 2007 from 2006.

Source: Toledo Board of Realtors newsletter