Michael Umphrey's Blog

The Neighborhoods of Santa Fe

History tells the truth about the real estate market – Michael’s Blog

Happy Thanksgiving!

Many of you have been receiving my Client Appreciation Program Item of Value.  In an effort to give you an extremely useful tools and tips here is my latest post with some good news.

Some facts to know:

  • More than 1000 banks closed in 1930 – only 14 U.S. banks have been taken over in 2008
  • There are 76 million households in the U.S. that own their home – 24 million of these homes are free and clear
  • There are 52 million homes with mortgages – 97.2% of these are not in foreclosure, 93.8% of these homes are current on their payments

On a sobering note:

  • Over 20% of homeowners with a mortgage owe more than their home is worth
  • 40% of all foreclosures are non-owner occupied

How did we get here?

Decade    Homes Sold High    Homes Sold Average

1970’s      3.9 million               3 million
1980’s      4 million                  3.3 million
1990’s      4.9 million               3.9 million
2000’s      7.1 million               5.6 million
Resale numbers – the above does not include new home sales.

Sources: Wall Street Journal / Moody’s Economy.com / RealtyTrac / NAR / Forbes

My family and I feel blessed to live in Santa Fe and to be surrounded by people like you.

Happy Thanksgiving and continued success,

Michael

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