It is hard to keep some perspective on the market nationwide, as we keep our eyes on the ball here in the Silicon Valley. While multiple offers rule here and buyers have a hard time finding, then purchasing a home, it is good to keep things in perspective and look at the big picture.
The market is still struggling, and shaky in some areas.
IMPROVEMENT – As of 9/30/12, 1 out of every 8.5 home mortgages (11.7%) in the USA are either delinquent or are in the foreclosure process. Compared with: 12/31/2009, when 1 out of every 6.7 home mortgages (15.0%) in the USA was either delinquent or was in the foreclosure process (source: MBA Mortgage Bankers Association).
According to the National Association of Realtors "Economists' Outlook blog":
Nationally, about 32 percent of homes were owned outright—without a mortgage. This varies from state to state. West Virginia has the highest share of homes owned outright, just 2 percent shy of half. This contrasts with California, Colorado, Maryland, DC, and Nevada where less than a quarter of owner-occupied homes were owned outright.
Thank you for reading!