“For most folks, no news is good news; for the press, good news is not news”…..Gloria Borger.
It seems like every time we turn on the TV news or read a newspaper headline, the bad news deepens our fear and concern about the economy. Hearing terms like “meltdown” and “crisis”, it’s easy to understand why there’s a lack of confidence in buying and selling a home. The media reports negative news. Their objective is to attract audiences and advertisers, not to make us feel good. We hear bad news everywhere we turn. They have no reason to report the upside of today’s real estate market, so let me give you some good news.
According to the Mortgage Bankers Association, approximately 30% of all U.S. homes are owned free and clear and have no mortgage. Of the 70% of households that do have a mortgage, 96.7% are not in foreclosure. The U.S. Gross Domestic Product is more than the next three countries combined. When they announce a rising unemployment rate, they don’t mention that millions of people are still working, making money, eating at restaurants, and yes buying and selling homes. Are we really spinning out of control? I don’t think so.
We’ve previously discussed the incredible opportunity that the current market affords. First time buyers, move-up buyers, and investors can all benefit from low home prices and historically low interest rates. Instead of internalizing the negativity the headlines can cause, choose to be optimistic and focus on the opportunities around you.