I do not think home foreclosures changed the election by itself. I believe it was a combination of things, The Iraq war is a big factor maybe even bigger than home foreclosures. The recession was another major problem the Republican party was facing, we didn't need George Bush to inform us there was a recession we already knew, we were living it.The housing slump, the stock market woes, home prices falling, the way Bush handled Katrina everyone of these things went into the Republican Party downfall. I am totally shocked Obama didn't win by a much wider margin than he did with all the problems the Republicans were facing. I am by no means saying all these problems was a direct result from Bush but his party is the one to has to take the fall for it because the Republican party was in charge when these things took place.

I think every American is looking towards change and hoping Obama will be the answer to that change, I just hope they are right. We definitely need a change. I guess the toughest thing for me to swallow right now is the drastic price fall of homes..which is good for the new home buyer (if you can actually obtain a loan) but not so great for those of us who already own a home.(the dropping in home value makes it near impossible to refinance your home to a lower rate and you sure do not want to try and sell right now unless you have to)

Dianatn . . . reason why Obama didnt win by a larger margin was because he himself is not that great of a choice. In the past month or two he has proven he is just another slick politician who has gone back on some of his campaign promises. Anyone who really thinks he will "fix" the economy is living in a fantasy world.

Also, the Democratic party was in control of Congress the past two years and made promises to make changes but never did. Sad to say . . . they arent any better.

greasemonkey - Congratulations on your home buy! I just hope that you stayed below your means, just in case something was to happen, like a job loss, or a serious injury, and you wouldn't be able to make the payment.

a couple of years ago, financial insts. were giving out mortgages to anybody, WHETHER OR NOT they could afford them, and now those people are in trouble (yes, along with many others)

Buying a house is like getting married or having a baby if you wait for the perfect time it will never happen. We make all kinds of excuses in our lives for not doing things we want, (ie: I am waiting until I have more money, I am waiting for a better more secure job, I am waiting for my credit to be perfect) If you wait for those things to happen you may never own your home. Life is about chances and gambles everything we do in life we take chances..if you wait until the perfect time for a house you will be old and grey and unable to enjoy it in your young years. (Plus just add up how much you are spending on renting and you may very well change your mind) Homes will never be as low as they are now and interest rates are awesome..it is definitely a buyers market right now. If you can find someone to give you a loan shoot for a FHA fixed rate loan. The worse they can tell you is No. Shop around find a home you like and something you can live with; find someone willing to give you a loan if you don't like the terms go somewhere else. If one bank or mortgage company will give you a loan chances are there are others that will also.

Good luck