Home Price Data Is Good For Buyers
Home prices rose for the 5th straight month according to the Case-Shiller Index. The article goes onto talk about why now is the time to buy and you have heard me talk about this numerous times, property values are down, rates are at historic lows, and the tax credit.
This is a great explanation on the adjustable rate mortgage resets that are coming in 2010.
“You can hear the objections. Doomsayers ask: What about these waves of mortgage resets coming in the next two years? What about all the unemployment? And the foreclosures? And so on.
These are all valid arguments for refusing to buy homes when they are expensive, or even averagely priced. But the whole point about markets is that they adjust. Prices are now cheap. They reflect this bad news, and more. If you have a stable income, and you can get a 30-year mortgage at 5% or so, and you are willing to drive a hard bargain on a home in this market, this is your time.”