Media fans the flames of the economic downturn: shame!
Headlines today: foreclosures up 79% over last year! Time to panic! Oh my!
The facts? More than 1 percent of U.S. households were in some stage of foreclosure in 2007, up from about half a percent in 2006.” ONE PERCENT. Comparisons drawn with the great depression abound.
Hogwash. Take a deep breath. The national foreclosure rate during the depression was 3.9%. On top of that the depression saw a bunch of distressed sales.