You know at some point in time the press needs to relize that there is more to the news than all of the accidents, murders, loss of jobs, body parts in soup, lousy weather etc., etc. and start talking about some of the positive things that are going on. Instead of the 1 minute blurb at the end of the news hour about Billy who saved his cat from a tree.
As far as real estate goes out here in Phoenix all you hear is that its near the top of the list for decreased market values, which I agree it is. However, the news is not telling you that it is an AWESOME time to buy a home if you can!! Interest rates are great, there are a lot of affordable homes out there below what their true value is, the lenders for foreclosed properties are willing to work now with the stimulus helping them out, the new tax credit, etc. etc.
Also the current Pending sales (to include AWC) are higher than they were during the peak of the boom in 2006! Go figure!! All I can say is that if you can buy a second home, or if your thinking about buying your first home DO IT!!! It will be a long time before we see another buyers market like this...and it WILL end! Unfortunately we will never know that we have hit the bottom untill we are already out of it, but I'm seeing many signs that we are in the bottom so get out there and get shopping!!
Anyhow, that's just my two cents, for what it's worth.
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