Is there any good news to this Mortgage Calamity?

It’s hard to find good things when this has hurt so many American families. Hopefully, with new governmental programs and sound advice from lenders who truly want to help people, many of these mortgage problems can be resolved. I guess we can now say that people who should not be buying homes will not be buying homes. Although it is now a buyers market, homes are still selling for good prices. Homes that have been updated and well cared for will see little loss in appreciation. Also remember, most sellers are going to be buyers, so they can benefit from the “buyers market.” Interest rates are very low. Closings will be much easier. Less deals will now die right before closing. We read an article from a Chicago magazine from Robert Lattas, a real estate attorney in Chicago. He put it best: “ The real estate market will bounce back. We all need to weather the storm. We are not on a lifeboat in the middle of the Pacific Ocean. We are only a few miles from shore with a Ferrari-powered engine…all we need is someone to give us a little fuel.”