Mortgage Meltdown

I blame the government for not regulating the mortgage industry for this housing crisis. Homeownership being the number 1 investment vehicle for the United states should have had more protection than to let a bunch of mortgage brokers fool people into these silly loans. This mortgage meltdown is now affecting people that had NOTHING to do with the loans, even renters. I recently heard about a condo complex near me whose HOA fell $30,000 under because so many people foreclosed in the complex and the HOA dues are not being paid. The HOA is now late on their bills and may have to pose an assessment. Rental prices are going up because homeowners now have to rent. With all these bad things going on it's spells a great time for first time homebuyers.

If you missed the last wave, you better jump in with both feet. There is only about another year or two of this down market. Prices cannot go down too much more. My suggestion is to start consulting with a loan officer and Realtor now to get at the least educated on what is going on.