As long as people can still find jobs and earn wages, seems like the economy should be able to weather the housing slump. Americans spend what they earn and more. The tax rebates helped short term. The rate cuts will help the financial industry somewhat. But, if the unemployment rate starts creeping up, watch out. Bigger problems on the way. Tomorrow's numbers key
INCORRECT STATEMENT: 1 in 10 of Americans Either in Default or Foreclosure on Home Loans CORRECT STATEMENT: 1 in 10 Home Loan Mortgages in America is Either in Default or Foreclosure. 4.5 million out of a total of 45 million home loan mortgages. But remember: large numbers of Americans don't have a home loan mortgage at all. They either rent, or they own their home free and clear, without a loan. Here's the arithmetic: There are 111 million households in America. (source: US Census). There are 4.5 million home loan mortgages in default or foreclosure. That's 1 troubled mortgage per 25 households. CORRECT STATEMENT: 1 in 25 households in America have a Home Loan Mortgage that is Either in Default or Foreclosure. Four percent.
That's a very fair point. I tried to edit the title to state '1 in 10 Home owner's in Default,' but the 30 minutes was already up. As to the rest of you points, even had I been able to edit the title, you're also correct, as well. Finally, speculators' paradises such as Vegas, Phoenix, San Diego and Miami are indeed distorting the numbers by 'distribution' (geographically, if you will).