Some facts to know:

• More than 1000 banks closed in 1930 – only 14 U.S. banks have been taken over in 2008
• There are 76 million households in the U.S. that own their home - 24 million of these homes are free and clear
• There are 52 million homes with mortgages - 97.2% of these are not in foreclosure, 93.8% of these homes are current on their payments
  

On a sobering note:

• Over 20% of homeowners with a mortgage owe more than their home is worth
• 40% of all foreclosures are non-owner occupied

How did we get here?

Decade    Homes Sold High    Homes Sold Average

1970’s      3.9 million               3 million
1980’s      4 million                  3.3 million
1990’s      4.9 million               3.9 million
2000’s      7.1 million               5.6 million
Resale numbers – the above does not include new home sales.

Sources: Wall Street Journal / Moody’s Economy.com / RealtyTrac / NAR / Forbes