Would you sell heroin to elementary school kids to put money in your pocket just because you knew you could benefit financially and get away with it? I wouldn't be surprised to see such financial advice on a national news Web site after the article I saw yesterday.

I was shocked to read an article on CNN.com yesterday suggesting that homeowners should "just walk away" from their mortgages. No, I'm serious ... it was even in the headline: "Homeowners: Can't pay? Just walk away."

Okay, so walking away from your mortgage is a civil matter, not a criminal offense. But am I the only one who thinks it's almost criminal when a national media outlet suggests defaulting on your mortgage because you no longer find it convenient to pay?

What would happen to our economy if lots of borrowers just walked away because their homes were worth $20,000 less than they paid for them? Equity is only real on the day you tap into it -- don't sell in a down market! Sell when you can cover your costs and, hey: no more loss.

I realize this sounds simplistic and that many homeowners have suffered great anguish in losing a home they could no longer pay for, due to unforeseen circumstances. But even though we know it happens, what responsible reporter would recommend that a homeowner walk away from a loan obligation when he or she didn't absolutely have to?! What would happen to your home's value if all your neighbors just turned their homes over to the bank?

Good thing for CNN that I'm one little voice and it doesn't matter if they just lost credibility in my eyes. You know, Mr. Reporter, I've heard there's an Anarchist Cookbook that can be found online [providing instructions on bomb-making, etc.].

Just because you have information doesn't always mean you should put it out there ...

I'm done ranting. Really, I shouldn't have read past the headline on that one. It's my own fault that I'm thoroughly disgusted over a really stupid article. When they make me Queen of the Western Hemisphere & All Points Appurtenant Thereto, I will banish this guy from my kingdom ... or at least restrict him to writing the society page feature stories for an alternative weekly paper in Beatty, Nev.

I saw another interesting article today stating that pending sales in December were down nationwide. This reinforces what I said yesterday about making decisions based on old data. Pending sales are up in February, so December's data is relevant ... um, how?

It's also a great reminder that real estate, like politics, is local. Why should I care what an oceanfront highrise condo in Miami is selling for when I'm looking to buy a single family residence in Las Vegas? If your real estate portfolio is national, or even international, then certain national statistics are going to be relevant to you, when timely.

But I don't think there are any serious investors out there who don't understand that real estate is local. These buyers base decisions on a number of local factors, including the local economy, the job market, rents, and other pertinent data.

Pending sales in December were down across the country? Ho-hum. Next!

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