The Cost of Owning Remains Too High

While Hoboken real estate is feeling the effects of Wall Street's downturn, there are bigger concerns lingering in the credit structure and individual ability to borrow or even maintain current debt payments.

More U.S. consumers are falling behind on their mortgages, an indication that the housing market has yet to hit bottom, a top credit bureau executive told Reuters.

Dann Adams, president of U.S. Information Systems for Equifax Inc, reported that 7 percent of homeowners with mortgages were at least 30 days late on their loans in February, an increase of more than 50 percent from a year earlier.

Affordability is a marketing gimmick and its statistical usefulness has long passed. Beware the "this is a good time to buy" line from your neighborhood real estate professional. They have no knowledge or training in credit structures since the government has always promoted home ownership through tax policies and other unaffordable incentives.