Worried about your bank or home?

Money worries seem to be everywhere. Just remember that financial headlines and financial solutions aren't the same thing! I drove near the Indy Mac bank headquarters in Pasadena this morning while people were lining up to get their money out. Is there a banking crisis?

The number of foreclosures seems to be mounting, too. Is there a housing crisis? Stocks have dipped below the 11,000 mark for the first time in two years. Mounting economic woes?

Or do the current conditions stem mostly from lenders and borrowers being irresponsible with their money?

I spoke with Richard Streitz, Realtor, of Baldwin Real Estate Services to get his opinionand ask him if people who are facing foreclosure will be unable to purchase a house for years to come.

He reminded me these cycles occur about every 10 years. Richard explained how Real Estate Owned properties were so prevalent in the ‘80s that Freddie Mac opened a design center. Richard believes real estate will be back to normal levels around 2012.

Here's hopeful news for families going through the pain of foreclosure. If the problem is widespread, then banks look more favorably on your condition. As Richard explained, banks see you're not the only one and your condition is weighted accordingly.

So, does this mean this is a good time to buy? Or will we hit more of a bottom in the market in the next several months to a year.

Here are my observations:

Don't give in to fear. Panic can easily sweep across society. I know I can worry. Instead, seek out wise advice and look beyond the headlines of the moment. Bad news can be a reality, but news reporters focus on bad news and not solutions. If stocks have dipped, then it could be a good time to buy.

Since the economy is never 100% stable, don't stop saving or investing for the long term. Diversify your portfolio.

Don't build up debt you can't control if that's possible.

If you're a business, especially a service business, then make sure your accounts are healthy and your vendors are able to deliver their goods and services to you.

If you have doubt, begin networking or marketing for additional clients and build a contingency plan.

I know for me, action helps fight off worry and potential panic when I think about cash flow.