Foreclosures up 79%
According to foxbusiness.com, foreclosures were up 79% in 2007. That may sound like an extremely high rate of foreclosure, however a further analysis may provide a different perspective. Obviously, foreclosures are up, but if you were to listen to the media, you may think that 50% of the U.S. housing market was in foreclosure. According to the article from foxbusiness.com, more than 1% of all U.S. households were in some phase of the foreclosure process in 2007.
While 1% is quite an increase from 2006, I’m amazed that the number is that low! It’s shocking. My amazement may be due to the fact that I deal with foreclosures daily. Maybe I’m so entrenched in this business, that my perspective is skewed. Or…maybe the media has covered this topic ad nauseam. I’m guessing it’s the latter.