Is the mortage crisis as bad as the media says it is?

The media seems to be blowing the mortgage crisis way out of proportion. Here are the figures to set your mind at ease:

• 93% of all mortgages are being paid on time
• 3% of mortgages are in foreclosure
• 4% is the left over amount from the above amounts. It might be the margin of error or might consist of mortgages with late payments. Your guess is as good as mine.
  

What the above figures boil down to is the fact that only a small portion of home owners are in trouble, but it makes good headlines.