Mortgage Crisis Buy Home

The economy is depressed, mortgage companies are in trouble, and homeowners accross the country are loosing their homes through foreclosure either because they’ve lost their job, or because their ARM loans have adjusted and they cannot afford the increased payments.

With the economic uncertainties we face along with rising prices, high energy costs, and worries about future income, many potential buyers have decided not to buy a home right now.  At the same time, homeowners facing difficult times in this depressed economy are desperately trying to sell. 

The result is a huge supply of homes listed for sale with few buyers in the market to buy a home.  Prices of listed homes have come down and bank owned homes are being offered at discounted prices.  Seller’s are competing for what few buyers are out there and the best way of a seller to latch onto a buyer is by offering a home for less than the competition.

Investors are currently buying homes at below market prices because they know full well that prices will go up again once the economy begins to recover.  They know that buying in a down market is a tremendous opportunity for big profits down the road.  This same principle applies to you.  Now is the time to buy a home at an affordable price that you know will increase in value as the economic turnaround gets under way.  And it will.  Every decade or so the economy faulters, only to recover again with rising real estate prices.

Don’t be frightened by media hype about the mortgage mess.  The truth is, there are many good conventional and FHA loan products available to the typical homebuyer.  Buy now while you can find a home at a bargain price that will be worth 25% or 50% more in a couple of years as the economy begins to boon once again.