Don’t Believe The Gloom & Doom

How Big Is the Sub-Prime Mortgage Market?

Not very big at all।By Jerry Bowyer

— Jerry Bowyer is an economic advisor to Benchmark Financial Network and the author of The Bush Boom

Thanks to Howard Arnoff for sharing this blog!

Some highlights:

"Currently there are about 44 million mortgages in the U.S., and less than 14 percent of them are sub-prime. And only about 13 percent of those are late on payments, with the majority of late payers working through their problems with the banks.So, all in all, when you work through the details and get down to the number that really matters, only about 0.6 percent of U.S. mortgages are currently in foreclosure. That’s up a hair from roughly 0.5 percent last year. That’s it."

Please read the entire article with a very cute Rain Man analogy.