Why a Third of U.S. Homes Would Qualify For One Of These
Marshall McLuhan said, "If it bleeds, it leads", and certainly the recent rise and fall (and long recovery) of the housing market is a topic that has impacted, and continues to impact, many a homeowner across the United States. Homes are overleveraged, underwater, and many homeowners are "stuck" in homes that they bought at the height of the market owing far more than today's buyer will pay. We hear a lot about these homeowners in the news. In today's market, roughly 17% of homeowners find themselves with negative equity in their homes. They go to sell in today's market and they find that they have to bring money to closing, or have the bank agree to a short sale (in otherwords, the bank would agree to take less than they owe on the house).
The flip side of this is that roughly 1/3 of US homeowners have ZERO mortgage debt. They owe their house "free and clear" without a mortgage. Another fascinating statistic is that 34.5% of 20-24 year-old homeowners are free of mortgages.
Here's where the eagle-over-the-door comes in. Tradition says that homes with this decoration have zero mortgage debt. Many relate the eagle to a symbolic representation of freedom; these homeowners are "free" from mortgage debt.
So while we don't hear a lot about a mass sale of eagle decorations when it comes to the housing market, keep your eyes out. You may be surprised how many you see in your neighborhood.