In a high profile case of yet another homeowner being underwater with a mortgage even TV personality Ed McMahon is in danger of losing his Beverly Hills estate to foreclosure. Good old Ed probably took out too much equity from his almost $5,000,000 home as the value was increasing and now can't service his mortgage payments as prices fall.

First and foremost your home is a place to live. You should not gamble with your home and perhaps be forced to give it up due to careless financial management.

The problem with the current trend in home mortgage rates is not so much an increase in rates but an unwillingness of leaders to lend, even to people with good credit histories.

It is hard to see the US economy doing well when massive numbers of foreclosures are dragging down the value of the entire US housing market.

To be able to purchase the best foreclosure properties research is very important. Foreclosed homes can vary from single family houses to mansions. The mortgage crisis affects a wide range of demographics.

Mighty fine properties can be the subject of foreclosure proceedings as their owners find that they have over reached with their expenses and debt level and can no longer meet mortgage payment schedules.