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December 7th, 2007 3:36 PM by David W. Welch
November numbers will be officially reported Monday, but they were announced at a luncheon today. There are no surprises if you read my blog. Sales were 970 with a median price of $235,000.
The mortgage freeze plan announced by President Bush will keep rates from resetting next year. The White House estimates 1.2 million loans could be effected. There are other estimates that only about 124,000 will be effected by this plan.
Also presented at the luncheon were statistics on mortgages in the market. Only about 9% of homes have a "sub-prime" loan, 50% have prime loans, 6% have FHA or VA loans, leaving 35% with no mortgage. Default rates for prime loans have been steady at around 3% over the last ten years, while default rates on sub-prime vary from 6-12% from year to year.