What's happening in real estate sales

I've created this blog to discuss what is happening in the middle Tn area market. If you believe the media hype, you would think that the majority of homeowners in the state are in foreclosure or near the edge. The FACTS are quiet different than what the public perception. Most homeowners are still paying their bills on time, and will continue to do so.
Are the more foreclosures than we have seen in years? Of course !
But, anyone that took more than a front page look at what has happened over the last five years can see why. Two years ago, an unemployed, debt-ridden buyer could still manage to get a mortgage. I've had buyers tell me they qualified for a $200,000 loan. Just because you qualify doesn't mean it's the wise choice. Some mortgage reps didn't care if you also had other bills to pay. They were interested in their commission.
When I showed a buyer why it would be better to step down to a $150,000 home, some listened, some didn't. The buyers that didn't listen are now looking at foreclosure. Seems that didn't consider the other bills they would have. Like utilities, groceries and the new car in the driveway. I know bad things happen to good people. I have been there. Due to circumstances, I have also lost a home in the past. I know what it does to one's psyche. Embarassment, fear, anger, hopelessness. All these emotions surface, often leading to the worst....
MENTAL PARALYSIS. It gets to the point that you give up. That's what we are seeing today. People just walk away in despair.
Folks we have to realize something! If $500 MOVES YOU IN !! is what you need, you probably shouldn't move in. For a few, this is good. But, the majority of bank owned homes now are those very homes.
If I see a response, I'll share more of my views, but this has gotten long, so I'll stop now.