Housing Crisis/Business Nation Commentary

Is the housing crisis really a crisis? Dennis Kneale on CNBC crunches the numbers. He also discusses foreclosures and mentions the states with the foreclosure problem -- California, Florida, Nevada, Arizona -- are also the states that had the most dramatic price increases during the "boom." Out of the 120 million homes in the U.S., it's reported that 4 million households are having trouble paying their mortgage on time yet so much focus is placed by the media on the "crisis."

The Rochester market remains steady and stable, with foreclosure rates not dramatically rising and while sales are down, it is only a slight decrease overall. In fact, several of the Nothnagle branch offices are even experiencing an increase in sales year to date over 2007.