This past Saturday, June 4, 2011, I found a large article in The Wall Street Journal entitled "Why It's Time to Buy". The article said that in June 2006, when the housing market peaked, most people thought the housing bust was unimaginable. However, it did, and nationally we saw home prices fall back to 2002 levels. It says that despite the gloom, there are growing indications that it is a good time to buy. Mortgage rates are at near 50-year lows which fell the beginning of June. The number of households each year of on the rise, which is shrinking the excess supply of homes coupled with more demand for second homes. In many cases, buying a home is cheaper or as cheap as renting which makes home buying more affordable. Other benefits of home ownership are you can deduct the mortgage interest - a big perk of those in a higher tax bracket, the flexibility to decorate the way you want, and to pay off your mortgage and live rent-free. The article also mentioned that financing remains plentiful for Buyers with good credit scores and solid employment histories.
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