Finally, some good real estate news!
My colleagues and I have been shouting from the rooftops that now and the upcoming months are the perfect time to buy real estate, now we have one more reason to urge on the fence buyers into the marketplace.
“Despite good-faith efforts by both the private and public sectors, the foreclosure rate remains too high, with adverse consequences for both those directly involved and for the broad economy,” Ben Bernanke said, addressing a Fed conference on the housing and mortgage markets. “More needs to be done.” In a move to increase credit availability, the Federal Reserve and Federal Home Loan Banks announced that they would purchase up to $600 billion in Mortgage-Backed Securities (MBS), exciting news that sent interest rates for 30-year fixed-rate mortgages plummeting below 6.00% and near the lows for the year!
The result of such action will help the nation’s economic recovery and bring stability to the housing market,” said 2009 National Association of Realtors® President Charles McMillan in a statement. “NAR estimates that lowering the mortgage interest rate by 1 to 2 percentage points can result in up to an additional 800,000 home sales.
The interest rate drop, the incredible first time buyer mortgage programs and our current real estate prices could be the most valuable gifts under the tree this year! Happy Holidays!
