March 1, 2011
A Snapshot of the United States Economic Crisis
When we look back to 1930 and the period known as ldquoThe Great Depressionrdquo more than 1000 banks closed While we are in the midst of economic uncertainty only 14 US banks have been taken over in 2008 The current situation globally creates a time of ldquoopportunityrdquo for investors and at the same time is not an opportune time for sellers There are approximately 76 million households in the US that own their home 24 million of these homes are owned free and clear 52 million homes in the US are with mortgages - 972 of these are not in foreclosure and 938 of these homes are current on their payments However on a more sobering note over 20 of homeowners with a mortgage owe more than their home is worth and 40 of all foreclosures are non-owner occupied