The downturn in the housing sector is very different from the Wall Street slumps we’ve previously seen. When automakers or Internet companies perform poorly, the effect is often limited. When the housing sector goes downhill, the effect is widespread and painful.

When the housing sector slips, it hits us where it hurts - at home. Millions of families across the country now face the possibility of losing their homes to foreclosure.

And because a house is often the single largest investment a family makes, that agonizing loss will affect more than just their property.

Last year, more than 45,000 small businesses and families went into foreclosure in North Carolina. Given local and national trends, we can expect to see that number rise in 2008.

Fortunately, there are resources available for families struggling to keep up with their monthly mortgage obligations.

Last Monday, I held a Homeownership Promotion and Foreclosure Prevention seminar in Lenoir along with several housing assistance organizations and government agencies.

More than 70 people came out for the event, and I want to sincerely thank all who took part for their hard work and willingness to lend a helping hand.

At the seminar, we had a good discussion on a range of housing issues. We talked about the various legislative and regulatory proposals that will help the housing market in the future; and we talked about how local groups can get involved.

But the most important thing we learned is that there are a number of opportunities and options available for folks who need immediate assistance with their mortgages.

If you face the risk of foreclosure, communication and early action are the keys.

And several organizations are available to help, often free of charge.

Those who are having trouble paying their mortgage or need mortgage counseling can get in touch with the HOPE NOW Alliance or Neighborworks by visiting www.hopenow.org or by calling 888-995 HOPE.

Folks who need legal advice when dealing with foreclosure or other housing concerns can contact Legal Aid of North Carolina at 919-856-2564 or go to www.legalaidnc.org.

People who are facing foreclosure because of job loss and are receiving TAA or TRA benefits can get help from the Western Piedmont Council of Governments by calling 828-322 9191 or by visiting www.wpcog.org.

Additionally, the Olive Hill Economic Development Corporation offers homeownership education and foreclosure prevention counseling, and can be reached at 828-439 8893.

These resources and more are also available on my Web site: mchenry.house.gov. And anyone who needs help with this issue or a federal agency can call my office toll-free at 800-477 2576.

Homeownership is often a critical component of realizing the American Dream, and it is my goal to create that opportunity for as many families as possible.

Again, I want to thank those who attended and helped with my homeownership seminar last week, and encourage those in need of assistance to pursue the options available to them.