Charlotte Real Estate and More

head_left_image

On Unemployment & Home Equity

On Unemployment & Home Equity

 

With widespread fear due to the unemployment numbers, let’s dig a little deeper into those numbers. There are actually several silver linings to consider when you hear those scary unemployment numbers reported.

 

  • More than 4,000,000 Americans who filed unemployment initially, have likely already found a new job.
  • 14.7% of Americans are unemployed. The largest group of unemployed is, by far, teenagers. Their unemployment has very little impact on the housing market.

 

 

Unemployment in Charlotte NC

 

 

  • Industries showing the most aggressive growth since the original unemployment filings include health care, food and grocery stores, retail, delivery and telecommunications.
  • Contrary to the fear that is reported, the unemployment rate will not initiate a massive new surge of foreclosures. In fact, homeowners have more equity in their homes than ever before. 
  • 58.7% of homes in America have at least 60% equity.
  • 42.1% of all homes in the US are mortgage-free. 
  • Inventory levels are at an all-time low. It will take years to move from a sellers market to a balanced one.

 

 

Home equity ratios

 

Let me repeat a very sobering stat - 58.7% of homes in America have at least 60% equity. That number is completely different than it was back in 2008 when the housing bubble burst. During The Great Recession, many found themselves owing more on their mortgage than what their homes were worth. 

 

*Here are the top 10 states that are rebounding the fastest from the original unemployment filings. 

 

Recovering Unemployment

 


 

 

Drilling down in the statistics to get a bigger picture of what unemployment means for homeownership and understanding the significant equity Americans hold today, really does help to see a more clear picture.  With 42.1% of all homes in this country being mortgage-free, there is already a large number of homes that are not at all at risk for foreclosure.

 


 

 

Bottom Line

When you hear or read a single statistic that gives you care for concern, dig a little deeper in the statistics. The real data is not emotional and will give you the real picture too.

 

 

*Thanks to NAR and KCM for providing the graphics used above.

 

© Debe Maxwell | The Maxwell House Group | RE/MAX Executive | CharlotteBroker@icloud.com | On Unemployment & Home Equity

The Maxwell House Group Charlotte NC

 

  Charlotte NC Homes for Sale

 (THE best Charlotte home search available - no kidding!)

Charlotte NC Real Estate Agents 

 

Charlotte CRS Agent


Debe Maxwell, Realtor®/Broker/CRS

RE/MAX Executive

CharlotteBroker@icloud.com
Direct:  (704) 491-3310

 

               Search Charlotte Neighborhoods      Search Charlotte Homes for Sale       Relocate to Charlotte NC

                               Things to do in Charlotte NC     Charlotte Real Estate Information

          

Charlotte Real Estate on Pinterest  FacebookFollow me on TwitterYou Tube  Connect with me on LinkedInSubscribe to my RSS feedCharlotte Real Estate on Pinterest

subscribe to my Active Rain BlogEmail meSearch Charlotte NC MLS

Disclosure of material contained within

Get Charlotte's Best Home Search App
Download Charlotte's hottest new app for up-to-the-minute listings and the most accurate neighborhood information available on the web!

DOWNLOAD CHARLOTTE PROPERTIES AT THE APP STORE

GET THE CHARLOTTE PROPERTIES APP AT GOOGLE PLAY
Comment balloon 7 commentsDebe Maxwell, CRS • May 18 2020 05:05AM

Comments

Good question and even better answer because people really need to know where they stand with any kind of benefits they receive during the pandemic for darn sure.

Posted by Laura Cerrano, Certified Feng Shui Expert, Speaker & Researcher (Feng Shui Manhattan Long Island) 13 days ago

Debe I love you positive take on this, and thank you for sharing the data.

Posted by George Souto, Your Connecticut Mortgage Expert (George Souto NMLS #65149 FHA, CHFA, VA Mortgages) 12 days ago

For sure, Laura Cerrano! I think people have mis-judged this recession, comparing it to The Great Recession (2008-2012) and it's really not the same at all!

Posted by Debe Maxwell, CRS, The right Charlotte REALTOR! (www.iCharlotteHomes.com | The Maxwell House Group | RE/MAX Executive | (704) 491-3310) 12 days ago

What is so sad is the reporting we get about this on a daily basis - nothing about those who have gone back to work is added to the sensationalistic stories, "3 Million People Filed for Unemployment This Week!" Drives me nuts so, when you really peel back the onion, the data reveals a whole other story, doesn't it, George Souto?!

OH and we need to chat about you speaking next week about mortgages. Do you have a minute this evening or tomorrow morning?

Posted by Debe Maxwell, CRS, The right Charlotte REALTOR! (www.iCharlotteHomes.com | The Maxwell House Group | RE/MAX Executive | (704) 491-3310) 12 days ago

Very good information for these times for somebody to get a hold of and maybe feel better about life.

Posted by Laura Cerrano, Certified Feng Shui Expert, Speaker & Researcher (Feng Shui Manhattan Long Island) 12 days ago

Thanks for presenting these facts, Debe.  It does make a difference to understanding the reality when drilling down to what the numbers actually tell us.  The details are not delivered in media sound bites.

Posted by Kris Collis, Associate Broker, Professional Results you Expect 702-574-8102 (Smart Way America Realty) 5 days ago

 

Great facts that we will learn from.  Thanks

Posted by Ginger Harper, Your Southport~Oak Island Agent~Brunswick County! (Coldwell Banker Sea Coast Advantage) 4 days ago

This blog does not allow anonymous comments