I was reading an article on Rismedia where Eric Tyson, author and co-author of Real Estate Investing for Dummies, Home Buying for Dummies, Taxes for Dummies and Personal Finance for Dummies, was discussing the Great Depression statistics among other things.
In 1929, the foreclosure rate was 50%. Unbelievable! The current foreclosure rate is 2.5% nationwide. In Michigan, the foreclosure rate is around 3.9%. Some areas are higher and some are lower. The unemployment rate in 1929 was 25%. Our current national unemployment rate is 6%. Michigan’s is approx. 8.9%.
After all the hype and all of the hysteria on Wall Street, I was really surprised at the numbers. If this was 1929 (with our current numbers), they wouldn’t even think that this was anything.
It’s all a matter of perspective. Here is the link for the entire article:
http://rismedia.com/wp/2008-10-12/main-street-and-wall-street-fact-fiction-and-exaggerations/