Declining home prices, historically low interest rates, and a tax credit of up to $8000 for first-time home-buyers make it a great time to buy a home.
The media is reporting that the Case/Schiller Home Price Index for the first quarter of 09 is down almost 20% compared to the same period last year. In addition, Treasury Sec. Tim Geithner stated that historically low interest rates are helping to heal the economy.
This is great news for potential home-buyers. These conditions have made home ownership even more affordable. Housing is at 2002 price levels while mortgage rates are at historically low levels. This allows a buyer to purchase a home that in the past may have been out of their price range while obtaining a low monthly payment. In addition, the First-Time Home-buyer Tax Credit provides a tax credit of up to $8,000 to qualified buyers who may receive this credit in 2009 by filing an amended return with the IRS.
For more information visit www.mclendonmortgage.com
