"What is that," you say? "What good news?" Well for a start, yes there have been failed mortgages, but remember that the percentage of failed mortgages is much smaller than the percentage of those mortgages which haven’t failed.

We always need to examine statistics closely, keeping in mind that they can be manipulated to either prove or disprove any theory. A case in point: A recent article was published in the Akron Beacon Journal that included a table of foreclosures for the greater Akron, Ohio area for the years 2005, 2006, and 2007.

The statistics for one small municipality with an estimated population of 1404, showed a 500% foreclosure increase from 2005 to 2007. That sounds huge, until you realized that in 2005 there was only one foreclosure and in 2007 there were six. It gets even more interesting when you compare 2007 to 2006 when there were nine foreclosures. So in actuality, in this particular municipality foreclosures decreased in 2007, not increased. Isn’t it time to help stop this type of misleading information?

It is certainly a great tragedy for the homeowner that goes through foreclosure but it is a great opportunity for those who are in the business of investing in rental housing. Foreclosed properties can be acquired reasonably and former homeowners who have gone through foreclosure will most likely become renters. This would indicate an improving market for investors.

As a landlord I can tell you that not everyone wants to own a house. I have had long term tenants who had no desire to buy because they did not want the responsibility of home maintenance, or because they were not at a point in their lives where home ownership was appropriate.

Many fortunes were made during the great depression of the 1930's as well as in more recent economic downturns by those who were smart enough to buy real estate. If you have the resources to buy and to hold now is another great opportunity to start or to continue building your own fortune.

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