There have been concerns rippling through the real estate industry over the rising rate of defaults and foreclosures occurring in many areas around the country.

Recently the National Association of Realtors express concerns publicly saying that some families aren't understanding the risks of taking out exotic mortgages. There have been many statistics that show many families get in over their heads when buying a new home for their family.

NAR president Pat Vredevoogd Combs participated this past week with representatives from Responsible Lending and the Leadership Conference on Civil Rights.

An announcement was released that "urged consumers to make sure they understand the risks and rewards of all types of mortgages before they make a decision on a loan".

According to a report released earlier this month by the Mortgage Bankers Association there has been a rise in housing delinquencies by 28 basis points in the third quarter alone.