I’ve been hearing all kinds of bogus stories about subprime and the foreclosure rates. What’s fact vs. fiction?
FICTION: Subprime is a huge part of the market
FACT: Only 10% of loans are considered subprime
FICTION: Most subprime loans are in default
FACT: Only 8% of suprime are in default. That’s .8% of the total market
FICTION: The foreclosure rate nationwide is very high
FACT: Only 1.28% of loans are in foreclosure
FICTION: Yeah, but there’s a lot of loans paying late
FACT: 97.4% are paying on time.
Source: Foxnews.com
