You have heard me harp on this before. The black cloud of the week was reported in the media as follows: "10% of all home mortgages are now Delinquent". Sounds really bad and it is accurate but despite the fact that this also means that 90% are not, here is the real thing to remember:
App. 50% of owner occupied single family homes in this country are owned free and clear with no mortgage. So what this really means is that only 5% of the homeowners in this country are behind in their payments. The normal person would think that the news quote means that 1 out of every 10 homes in America is headed for foreclosure.
So after, app. 5 years of a real estate slow down and the worst and longest national recession since the great depression, 95% of the homeowners in this country either owe nothing on their homes or are current on their mortgages. Puts a whole different light on it doesn't it? As Mark Twain once said: "There are lies, damned lies and then there are statistics".