Foreclosure ‘crisis’ is overblown

March 7, 2008 at 9:22 am Leave a comment

One of the best articles on the so-called foreclosure crisis I’ve read recently was featured on MSN this week. Why the best? Because it is accurate, objective and completely devoid of any political agenda, which is more than could be said of news sites reporting on the U.S. economy. Here’s a brief excerpt:

3/5/2008
Foreclosure ‘crisis’ is overblown
Sure, there are pockets of pain around the US, but it’s not as if most Americans are losing their homes. More than 99% of homes aren’t in foreclosure.
By Scott Burns

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.

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Entry filed under: Real Estate and Mortgages.

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