Housing Market Could See Beginnings Of A Rebound

There’s a lot of bad news about foreclosures and home sales these days, but for people in a good financial position it could be a good time to buy.

For home buyers in good financial shape, this could be the best season in years.

The federal tax credit – up to $8000 for first-timers, and up to $6500 for current homeowners – will hit a deadline on April 30th.

“With the added incentive of the homebuyer tax credit, there could be some surging activity right as the tax credit deadline approaches,” said Lawrence Yun, the chief economist at the National Association of Realtors.

Mortgage rates, which the government has helped keep steady at a low 5 percent, are expected to rise to possibly as high as 6 percent by years end – another reason to buy sooner rather than later.

“The market right now, if you’re looking to buy, looks great,” said Jay Brinkmann, the chief economist at the Mortgage Bankers Association. “Prices are probably at or near the bottom of what we’re going to see, interest rates are only going to be going up at this point, it’s a time to move if you’ve got that option.” – Reporting
Maurice DuBois NEW YORK (CBS)


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