It seems that every day when we open the newspaper or watch the news that the lead story is about the slumping housing market. Falling home prices, foreclosures, tightening credit standards. . . etc., you can almost hear Chicken Little screaming "the sky is falling"!The truth of the matter is that this market correction has created all kinds of opportunity for alot us.
First time home buyers who thought the market had passed them up for good have seen prices come down to where home ownership is now a realistic dream. There are some excellent loan programs available to first time home buyers to help them achieve the American Dream. The California FHA loan program is an excellent example.
And the news is not all bad for existing home owners. Yes, in most cases our homes have lost some value over the last couple of years. But the good news is that for those of us that want to move up into a home priced higher than our existing one, those homes have dropped in price too! And in many cases they have come down farther percentage-wise than the homes we currently own.
For investors, the time for opportunity is NOW! Perhaps you always wanted to buy a home and rent it for income and future equity. These opportunities are everywhere you look.
The point is this. There is actually some GREAT news in all this doom & gloom we have been exposed to by the media!
Friday, October 26, 2007
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