Dear Reader:
The National Association of Real Estate Editors (NAREE) – yes, there is such a group – held a conference in Dallas last month, and I had the opportunity to attend.
Dollar for dollar, the best presenter was Dr. James P. Gaines, a research economist with the Real Estate Center at Texas A&M University. In just a few minutes, he gave the audience an excellent, concise snapshot of the state of the U.S. economy. Here are some highlights:
About $6.1 trillion in residential mortgage debt was created from 2000 to 2007 – almost triple what was created in all of the 1990s. Adjustable rate mortgages (ARMs) and subprime fixed-rate mortgages account for about 28 percent of the mortgage market, but also account for about 74 percent of foreclosures.
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