I’ve said … and other Realtors® have said … that the media has harmed the housing industry this year as much as the financial industry has, and has had a major hand in contributing to the declining consumer confidence. The talking heads make it sound as if the majority of homeowners are about to lose their home in foreclosure.
Well, it’s just not so!
We received the OAR newsletter today with an article discussing the recession and the housing statistics with projections for 2009. Here are some of the stats provided in the article:
Foreclosures Report for Nov – the ratio of households that received a default or foreclosure notice:
- 1 in 488 American households which equals 0.2% of households
- The worst state was Nevada, at 1 in 76, 1.3% of households
- Next worst was Florida at 1 in 173, 0.57% of households
- Arizona at 1 in 198, 0.5% of households
- California at 1 in 218, 0.45% of households
- Michigan at 1 in 309, 0.32% of households
- Georgia at 1 in 387, 0.25% of households
- Ohio at 1 in 392, 0.25% of households – that’s ¼ of 1% of the households!
Now read that again. ¼ of 1% That’s LESS THAN 1% of Ohio households!
Does that surprise you? Is that different than what the media makes it seem? Remember this when you hear the next negative sound bite for “NEWS AT 11:00″.
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