According to many experts we have seen the worst of the housing market and although we are far from where we were a few years ago, the market is slowly recovering. With the extension of the first time homebuyers federal tax credit coupled with builders building less homes to cover the housing demand while the American population continues to increase, the real estate market should start to look up in 2010.
Foreclosures are still occurring however due to very high unemployment and underemployment rates. With so many jobs being outsourced, these high rates will have a hard time recovering and with it so will the American economy. The housing market is slowly recovering, but this is slow going due to so many people being jobless and unable to pay their current mortgages. Areas that were the hardest hit like Nevada, Arizona, Florida and California are starting to level out and existing home sales are improving. With cuts in production many housing markets across the country are starting to achieve a better balance. Go to the housing predictor website for more exact information.
All this being said, if you can afford to buy a home this is the time to do it. Terry Hudson of Weichert Realtors says that “more wealth is created when you buy at the bottom of a cycle instead of at the top.” The time is right for first time buyers with all the government assistance available and interest rates still at a record low. The market seems to have reached rock bottom and hopefully has no where left to go but up.
