The national foreclosure rate reported today is still high. As of this time today the markets have reacted in a negative way. So what is the problem?
The Government bail out program and loan re-modification programs have actually worked! Some of these programs were started by the last administration and modified and expanded in this one. So again the question is, what is the problem?
The problem pure and simple is the lagging indicator in a recovery called the unemployment rate. Folks who are in trouble now are folks without a job . These folks do not qualify for modification. They are victims of the economy.
The crisis we face is multi faceted. But it seems like now we are faced with more traditional problems. ( Not sub prime and exotic Wall Street created loans) While the news is not good at least we know we are slowly climbing out of the mess.
It remains a great time to buy. If you are secure in your job the times have never been better to invest in your future through home ownership.