I watch the news just like you and they keep talking about the mortgage problems. Yes, I understand that a lot of owners are losing houses to foreclosure, but a lot more are not. If you are making your payments each month, you are fine and no one is going to take your home.
The facts are that over 95% of mortgages in America are being paid every month on time and there is no threat to these homeowners. Of the less than 5% who are left, the majority of them are still making some kind of payment and their lenders are working with them. That leaves a very small number of people who have quit paying on their mortgages and are now or will be in the process of losing their home shortly.
Recent surveys of actual people (not news media or "financial experts") show that more than 75% of those who have bought in the last 12 months feel good about their new home and expect to be there for 7 years or more. Further, they feel that their home investment will be as good or better than an equal investment in the stock market. They are keeping their head and not panicking - contrary to what the talking heads are saying.
So, relax and don't worry about the real estate market. If you want to buy a house, you have no reason to wait. Mortgage rates are at near record low levels, regardless of any mortgage problems the media is talking about. And with all the talk about the mortgage market and the phantom housing bubble, the prices are quite reasonable. Further drops in prices are less likely than increases in price as the market comes out of the thaw... I personally am looking to buy any bargains I can Now, before you guys start buying again and the prices begin to rise.
It is time to buy and quit listening to the nay-sayers!
Happy Thanksgiving!
Copyright 2007
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