Crisis, what crisis?

While Obambi and Democrats careen around the countryside screaming of catastrophe, although in reality it is merely a depression, we are being told it is important for us all to feel some pain for the greater good. Why? Here is an article from the New York Post that demonstrates that the so called national crisis is in fact a very limited regional problem. There are 5 states that are in trouble from a housing standpoint. All of them would have exhibited a fairly shallow appreciation curve, as is normal in most other states, but for an investor fueled blip that escalated as quickly as it declined.

One out of 76 homes in Nevada went into foreclosure in January, for example, compared with one out of 173 in California, with Arizona and Florida close behind. In New York, by contrast, only 1 out of 2,271 homes went into foreclosure.
Nationwide, foreclosures fell 10% in January, to one out of every 466 homes. But that is a "mean" average dominated by places like California and Florida. In the median state with the 25th highest foreclosure rate, by contrast, only one out of 949 homes was in foreclosure - just one-tenth of 1%. Foreclosure rates were even lower in 25 other states. In Vermont, foreclosures amounted to just one out of 51,906 homes. Foreclosure can be a personal crisis, but it is not a national crisis.

Full disclosure. I live in Arizona. However, I put down more than 60% when I purchased my home. I do not need, nor condone, any kind of real estate bailout. Recent sales figures have shown that as prices fall, driven by the increase in foreclosures, so buyers emerge to snap them up. Surprise, that is exactly how free markets operate.
Please read the whole article here, and spread the word.