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The Half-Truth Of The Headline “1 In 8 U.S. Homes Are Late Paying Or In Foreclosure”

Posted by UtahCribs, Real Estate, Homes on March 12, 2009

Foreclosures tend to concentrate in geographical areas

USA Today ran this 2008 Foreclosures By State heatmap last week, reminding us of a simple truth: Headline statistics can be misleading.

According to data compiled by RealtyTrac, 1 in 8 U.S. homes were in various stages of default or delinquency at the end of 2008. This is a fact and it was widely reported by the press.

However, as the heatmap plainly shows, in stripping out just 35 of the nation’s 3,232 counties, we can decrease the number of foreclosures nationally by half.

In other words, yes, 1 in 8 U.S. homes face mortgage trouble. In your neighborhood, though, the ratio is likely much, much lower. Real estate is a local phenomenon. National statistics rarely apply.


One Response to “The Half-Truth Of The Headline “1 In 8 U.S. Homes Are Late Paying Or In Foreclosure””

  1. This is a great article, I was glad to see USA Today publish. Part of the issue we are facing as a country are the scare tactics. Yes things are bad, we all know this already. However, each city and state has its own local economy, the unemployment rates will be different here in SLC compared to LA. Real Estate is different as well. More Foreclosures in say Miami Florida compared to Sandy City, UTAH… If anything I think now is a time for cold hard facts not generalization of the economy…


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