The final paragraph states "With all of Washington standing by to protect the economic system, you can bet on eventual recovery, even if there's a recession to get through. So use tough times to shop for a house, a cheaper mortgage, a good stock. When the cycle turns back up, you'll be sitting on top of the world."
Wow, pretty succinct. Meantime, the word on the financial street is that we may well be at the end of the bad news from the banking world. We did lose 250 mortgage companies but I suspect they did it to themselves by taking to much risk. Meanwhile, the loan applications based on "stated income" are slowly getting phased out, a common investor vehicle for buying property.
On the other side, FHA has gone through some major changes - they are the loan of the moment for accepting lower FICO scores, lower down payments, good interet rates, and a new maximum for the Phoenix area of $386,000.
Act while the good opportunities are in front of you.
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