It has become ever apparent that the media is determined to create an hysteria regarding what is going on with the housing market. For the past three years if you research any media and the news they presented, it is apparent that they simply want to sensationalize the opposing viewpoint. Example: the housing industry is booming and the media is simply generating news stories that say it can't continue. Hear this long enough and how could it.

The current economy simply doesn't support what is happening. The Federal Reserve Board continues to resist lowering the Federal Funds Rate as a result of the broader economy being very strong. So, where are the families who are looking to buy a home as a result of the fact that they still have there jobs and are most likely making more money this year than last. Our answer: Scared.

The mortgage industry with some help from their friends the large builders promoted a system of loans which were unregulated and allowed investors to make large returns as long as the people taking out the mortgages they were promoting made their payments. these loans moved away from the fundamentals and took advantage of the public. The general public looks to people who specialize to be trustworthy. the people selling mortgages like interest only loans or reverse amortization loans were simply making sales.

The Mortgage industry is a 10.4 trillion dollar industry. It is very important to note that the loans currently creating the hysteria make up only 12 percent. Of these loans roughly 50 percent are having challenges. so were is the rest of the mortgage industry. Scared.

Now is the best time on the planet to buy a home. Mortgage rates on 30 year fixed rate mortgages are still below 7 percent and if the Feds lower rates in the near future they will go even lower. It is important to note that if you wait for the media to tell you all is clear you will already have missed the best opportunity you could have had.

Seek out a mortgage professional who works for one of the major banks around the company. If you are savy enough look at a mortgage broker. Be careful though and don't get talked into something that doesn't make sense. there are still legitimate ways to reduce the amount of your down payment.

Over the coming weeks we will continue to discuss what is really happening and put out information from some of the most well known banks regarding what people need to due in order to qualify for standard mortgages.