When I look all the fun filled news out there it is hard to keep a positive note on the market. Foreclosures are up, mortgage write downs are up, rates are all across the board, and the government bailout isn't really bailing anyone out. Where is the silver lining in the clouds? It's really simple. Like  any commodity, housing needs to have a correction every so often. This one is mild compared to the 80's when rates were in the teens, 10% down was the norm, and unemployment was near 10%. I have seen the word recession a number of times in my life, and have watched society as a whole carry on and get better. This market, like the others before it, will pass and the economy will rebound. People are born at a rate of 8 per minute in North America. To take a positive spin on the news, we are looking at a lot of sold signs in the future and not enough for sale signs. It's a rough time, but when all is said and done what will have happened is the crooks and swindlers will be out of the market and the honest Realtor® and Mortgage lender will be better able to do the work that they enjoy doing. Getting Qualified borrowers into a affordable house.

Number of lender who have shut their doors over this:   251