There is an article in the Bellingham Herald about foreclosure filings in May. According to Realty Trac, a company that tracks foreclosures across the country, Whatcom County had 40 foreclosures in May, up from 39 in April. In another article posted on CNN news reports that foreclosures across the county are up 48% in May over the same time last year. In reading this article they report that there are 3 major areas bearing the brunt of this crisis and they are Florida, California, & Las Vegas NV. Nine of the top 10 cities with the most foreclosure filings were in either Florida or California. Las Vegas was the only city outside of California and Florida to crack the top 10. In May it had one filing for every 96 households - about five times the national average - which put it in sixth place.

In other news this past week Ed McMahon was reported as being just weeks away from foreclosure. I especially enjoyed Glenn Beck's opinion on this celebrity's financial woes & his take on the foreclosure mess in general. Don't get me wrong, I love Ed. I loved him on the Tonight Show and Star Search & secretly I've always dreamed of winning the Publisher's Clearing house sweepstakes. Who wouldn't want to open their front door to the prize patrol holding flowers and a million dollars? However, I do agree with his opinion that Ed McMahon should not be the 'face' of foreclosure in this country. A millionaire for years who has mismanaged his money and is now a sick old man who might have to move out of his mansion does not represent the average American family in foreclosure. This man will not be homeless when all is said and done.

Every day there is a story in every newspaper & on every news website about this country's financial problems. As a real estate professional it can be a very challenging task to educate people after they inundated with bad news. Yes, there are a lot of sad stories out there, but the good news is that we live in an area where real estate has continually appreciated over the last 40 years. The bottom line is that it's still a good time to buy real estate in Whatcom County. In the big picture, 40 foreclosures are not that bad, unless you're one of the 40.