What’s the Real Scoop…

A statistic that you’ll sometimes hear quoted from various sources is…'”Approximately 30% of ALL homes in the United State are currently underwater.”

But is this the truth?  Not really.  First, it’s important to know that 30% of ALL the homes in the United States DO NOT HAVE A MORTGAGE.  They are owned Free & Clear of any encumbrance or indebtedness.  The remaining 70% of homes in the nation do have some sort of mortgage/indebtedness attached.  Of these homes, 30% are underwater…meaning, that more is owed on the mortgage than the current market value of the home.

So…the real scoop is that approximately 15% of ALL homes in the United States are currently underwater.  You see, it’s important to know what percentages are actually being referenced when we throw out statistics.  The housing market is going through rough times, but the reality is that most homeowners continue to pay their mortgages on time and according to a 2011 survey conducted by the Fannie Mae, 95 % of current homeowners view owning their home as a positive experience.  If you’d like to become a homeowner, we can help you.  Please contact us at 616-791-0511. (Graphic below courtesy of Steve Harney http://www.keepingcurrentmatters.com.

Percentage of Homes underwater-image courtesy of Steve Harney and Keeping Current Matters