There are 70 million families that own homes in this country, so it makes sense that people should care about the housing market.

But caring about the market and worrying about it are two different things, and there's plenty of disagreement over how much worrying we should be doing.

President Bush's is now proposing to help out the lenders and homeowners now in over their heads -- by offering increased access to federally guaranteed loans.

It boils down to good news for worried homeowners, according to local realtor Karen Crowson.


"What that's going to mean for homeowners struggling with their adjustable rate mortgages -- it's going to allow them now to refinance under an fha loan program, and that's a more stable market," Crowson said.

Some Democrats say the president's proposal won't help enough.

There are 2 million adjustable rate mortgages whose rates are likely to go up in the next two years. The White House itself estimates the federal housing adminstration reforms it's proposing will only affect 80,000.

Philander Smith College Economy Professor Mark Witkowski says most economists are on the other side of the argument, the one that says politicians are overreacting, and meddling where they shouldn't.

"By the time they come up with a solution, this problem may have already corrected itself," Witkowski said. "It's good politics, but I don't think it's good economics."

Local homeowners, perhaps surprisingly, seem to agree -- and even first-time buyers told us wall street fears never became their own.

"I didn't let any bad news stop me," Benton resident Wendy Friend said. She and her husband bought a house four months ago. "It was just the right time for us."

Mike Milner with the Mortgage Bankers Association of Arkansas said his organization is in favor of the President's proposals, but also wants to tell the public that the housing market crisis isn't as bad as politicians are making it sound, especially here in Arkansas.

Karen Crowson says her Benton Crye-Leike realty office just had it's best month in two or three years.