So today some comments on the market situation (is there any other subject right now? LOL) prompted me to dig into some statistics as the media makes it out like every other home on the block is being foreclosed.
The actual rate of foreclosure is .6%. 3.6% of all residential mortgages were delinquent for at least 90 days. 20.4% of subprime mortgages were delinquent for at least 90 days. By this reckoning, only 1 in 5 of people who shouldn't have gotten loans in the first place are even late?
http://www.housingzone.com/blog/500000650/post/1980033398.html
And of course the media focuses on markets where the averages are skewed due to incredible overbuilding. I'm not proposing that there isn't a problem, but how much of it perceptual and it's this perception issue that caused the credit crunch in the first place.
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