Saturday, April 25, 2009
Our Busy Season
Homebuyers are returning to the market in growing numbers according to CNBC. U.S. home prices fell a record 8.2 percent in 2008 as the recession and the surge of foreclosures caused the worst devaluation of real estate since the Great Depression, according to the Federal Finance Housing Board.
A recent online survey by Century 21 Real Estate of those who say they will buy a home within the next two years points out how pricing is effecting the market:
* 78 percent of those surveyed say now is a good time to buy a house
* 68 percent say now is a better time to buy than six months ago
Besides falling prices, experts point to lower interest rates as an incentive. The rate on 30-year fixed-rate mortgages hit an average of 4.85% for the week ending March 26. It's the lowest rate since Freddie Mac’s weekly survey began in 1971.