Stimulus packages have become all the rage the last year! $7500 first time homebuyer loan , $8000 first time homebuyer credit , Making Home Affordable , $250 Social Security stimulus checks , Making Work Pay , … the list goes on.
I’m sure you’re upset… but watch this quick video and I think you might feel a little better about it.
I wanted to clarify something I said in the video – that foreclosures have been in the single digits. I meant the percentage of foreclosures, versus the total number of homeowners, was in the single digits (<10%). As it turns out, my memory was wrong... it's actually much less than that. Michael Barone of US News & WOrld Report wrote about the regional nature of foreclosures , citing a national foreclosure rate of 11 per 5,000 housing units. That’s only 0.2%! Even the highest foreclosure rate, Nevada at 66 per 5,000 housing units, is a “mere” 1.32%.
Then you have the 20% of homeowners who are underwater on their mortgage loans , which leaves 80% of homeowners unable to take advantage of the Making Home Affordable Program.
Either way, there are a lot more people not being helped than are being helped… and I’d rather not be drowning and need a life preserver. 🙂