Foreclosure Update

Does a day go by that the media is not telling us that the sky is falling, and may fall further with the national housing crisis? Well, do they try to add some perspective? Of course not!
Did you realize that only 1.7% of Fannie Mae and Freddie Mac mortgages are failing? Sure, that is a huge dollar amount, but a fraction of the many more mortgages that are being paid by hard working, responsible home owners across the nation.
The real damage is in the many fraudulent mortgages that were offered by lenders, pushed by home builders, and re-sold by the investment banking industry. Instead of opting for an affordable home that met their real needs, buyers were wooed into purchasing larger, more expensive homes, and did not add in the real cost of ownership with higher utility bills, higher taxes, and longer commutes to and from work. Still, many buyers did not take the risk and remained within their budgets. They are still paying off their loans, working hard and hoping that the next economic stimulus will not ruin their ownership.
Take it all into context, don't believe the headlines, and know that home ownership is a great way to invest your hard earned dollars for both the present and the future.