Saturday, March 14, 2009

New Jersey & Pennsylvania Foreclosures Lower than Other States

Foreclosures tend to concentrate in geographical areas

USA Today ran this 2008 Foreclosures By State heatmap last week, reminding us of a simple truth: Headline statistics can be misleading.

According to data compiled by RealtyTrac, 1 in 8 U.S. homes were in various stages of default or delinquency at the end of 2008. This is a fact and it was widely reported by the press.

However, as the heat map plainly shows, in stripping out just 35 of the nation's 3,232 counties, we can decrease the number of foreclosures nationally by half.

In other words, yes, 1 in 8 U.S. homes face mortgage trouble. In Pennsylvania, the ratio is much, much lower. As you can see from the "heat map" our state is pale blue, as is most of New Jersey, indicating less than 2% foreclosures rather than the 12.5% reported. Real estate is a local phenomenon. National statistics rarely apply, and in our market, stability is much greater than in others.

Reblog this post [with Zemanta]

1 comments:

P Russo said...

There are some pretty cool interactive real estate maps for states, counties and zips at www.localetrends.com. They have some interesting unemployment level heat maps for the Philly area at http://www.localetrends.com/metro/philadelphia_metro_unemployment.php