Buy a house for Christmas
If you're a First Time Home Buyer and have been waiting for the right time to buy a home, there may never be a better time. You know that interest rates are the lowest in 40 years, homes everywhere are affordable. Plus Uncle Sam is giving you $8000 to do something you wanted to do anyway.
So what are you waiting for?
Most First Time Home Buyers will tell you there is "no inventory" and they have to make multiple offers and are competing with 10-20 other First Time Home Buyers on every home.
According to the Wall Strreet Journal, Santa may be right around the corner.
WSJ sees foreclosure tidal wave
In a lead story, the Wall Street Journal (WSJ) paints a dismal picture of the housing market in 2010.
Uncertainty over the extension of a home-buyer tax credit sent new-home starts in October crashing down a full 10.6% from September, and starts of single-family houses fell 6.8%. That's the lowest level since April, the Commerce Department said.
This news suggests that foreclosures are not only going to keep rolling in, but that they may actually increase.
Richard Dugas, chief executive of Pulte Homes Inc., the nation's largest home builder, warned investors: "As we look out to 2010, we are expecting difficult conditions to continue."
Wednesday's data prompted some economists to revise their fourth-quarter forecasts down slightly. Macroeconomic Advisers moved its GDP estimate down to 3% from 3.2% and Nomura Securities predicts 3.4% growth, down from 3.6%. The data adds to the suggestion "that the recovery is a little bit rickety," said Zach Pandl, an economist from Nomura. Given that 3.4% of U.S. households -- or about 1.9 million homeowners -- are 120 days or more overdue on their payments, and that millions of homes are expected to go through foreclosure over the next few years, adding to supply, it's a fair bet that foreclosure problem won't be gone anytime soon.
Rememeber to take advantage of the First Time Home Buyer Tax Credit of $8000 you have to have an executed purchase contract by April 30, 2010 and closed by June 30.
Greg Cook
First Time Home Buyers Network
phone: 951-265-4532
fax: 951-848-9419
email: greg@homebuyerhelpnetwork.com
blog: http://firsttimehome.us:
Rememeber to take advantage of the First Time Home Buyer Tax Credit of $8000 you have to have an executed purchase contract by April 30, 2010 and closed by June 30.
Greg Cook
First Time Home Buyers Network
phone: 951-265-4532
fax: 951-848-9419
email: greg@homebuyerhelpnetwork.com
blog: http://firsttimehome.us:
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