Some hard numbers have come out today from the Mortgage Banker’s Association that shed a LOT of light on the foreclosure data.

All that we hear is how much foreclosures are rising and how truly bleak the U.S. real estate market is.  But the specific numbers tell a different (and better) story.

It is true:  Foreclosures are still rampant on a nation-wide basis.  But consider this fascinating little factoid:

California and Florida alone account for more than 73% of the nation-wide foreclosure increase that happened between the first and second quarter of this year.

Stated differently:  If one factors out those two states, the foreclosure problem disappears by 73%.

Clearly that’s a theoretical issue as it is impossible to “factor out” markets as significant as California and Florida.  But it’s undeniably the case that the incredible weakness in those markets is drowning out the fact that the second quarter of this year saw improvements in foreclosure statistics in other important markets including Texas, Massachusetts and Maryland.

Just something to think about while the news media tells you of the “terrible condition” of our economy.

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