"...Currently there are about 44 million mortgages in the U.S., and less than 14 percent of them are sub-prime. And only about 13 percent of those are late on payments, with the majority of late payers working through their problems with the banks.
So, all in all, when you work through the details and get down to the number that really matters, only about 0.6 percent of U.S. mortgages are currently in foreclosure. That’s up a hair from roughly 0.5 percent last year. That’s it...." -Economist, author, and Kudlow & Company guest Jerry Bowyer's recent op-ed on the supposed housing crisis.
Jerry is dead right on this issue.
So is another familiar face on Kudlow & Company...Ben Stein. His dynamite "Chicken Little" article in The New York Times this past weekend hit the nail on the head.
Both are well worth a read.
