Judging by all the news stories covering foreclosures and the tanking housing market you would think that 50% of homes are in foreclosure. AHHHH, but we all know that bad news sells.... does any one want to read that less than 4% of all mortgages in the US are in foreclosure? BORING! Who Cares? I believe that people want to hear the good news. They want to know that the biggest investment of their lifetime is still a secure, sound investment. If you want to know the truth...keep reading!
30% of all homes in the US are free and clear. That means that 30% of all homes in the US do not have a mortgage, they are totally paid for! Of the remaining 70% of homes that have a mortgage, 96.7% are NOT in foreclosure. This is astounding! Less than 4% of home owners who have a mortgage are having trouble paying. The news companies would have you believe that most Americans are in default. The truth is just the opposite.
Did you know that most of the foreclosures are in 3 states and two cities? California, Michigan and Florida, Las Vegas and Phoenix are where the bulk of foreclosures are happening. Nebraska's foreclosure rate is ranked near the bottom of the states...meaning we have one of the lowest foreclosure rates in the US.
Let's recap the good news: 30% of home owners own their home free and clear, of the remaining 70% of homeowners, 96.7% of mortgages are NOT in foreclosure. The majority of homeowners are paying their mortgage or do not owe on their home. Most of the foreclosures are in 3 states and 2 cities and Nebraska's foreclosure rate is one of the lowest in the US. :)
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