1/09/2008

"Let's Get a Little Perspective" - 2007 Was NOT a Bad Year

On Thursday mornings I usually attend a broker preview meeting for local agents--it's information sharing about listings, buyer needs, and an opportunity to network. Here's information sharing that came out of last week's meeting:

2007 is tracking to be the 4th BEST year in history since statistics began in 1952.

1988 -- 3.5 million units sold
1991 -- 3.1 million units sold
1998 -- 4.2 million units sold
2000 -- 4.6 million units sold
2004 -- 5.7 million units sold
2005 -- 7.1 million units sold
2006 -- 6.4 million units sold
2007 -- 5.5 million units sold

30% of U.S. homes are owned free and clear -- these are not affected by subprime loan conditions.

Total Mortgage Debt = $9.9 TRILLION

Subprime Mess = $75 Billion (equates to .0075% or 3/4 of a 100th of a percent)

Banks do NOT experience 100% loss in foreclosure -- potentially $25 billion (loss), or 1/3 of one 100% of a percent.


'Voice this!

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