CNBC Housing “Crisis” Report video

Here are some of the highlights.  There are 120 million homes in America.  1/3 of all homes are owned free and clear of a mortgage, so that leaves 80 million homes with a mortgage.  ½ of those homes were purchased before the year 2000.  If you purchased before 2000 there has been 53% appreciation since 2000.  So even with this recent pull back in price you are up 34% nationally.  Over all 95% of mortgage holders pay on time so that leave about 4 million homes nationally that are potentially in trouble.  California alone accounts for more foreclosures than 40 other states combined!  Florida, Las Vegas, Pheonix have their more than fair share as well.  Those markets that soared in price the most need to be brought back in line with reality.  This is the free market system at work.  I love this country!  Great job Dennis Kneale with CNBC!