I just read an short blurb in this mornings paper about the current economic situation of the country. Despite all of the recent bad news it gave several reasons why the economy is on the mend. The one point that got me thinking was that even though approximately half a million housing units are being built each year, it is only half that required to sustain the current population growth of the country. That means that eventually, and probably sooner than later, the glut of foreclosures and short sales, will start to disappear because of natural demand for housing. Although we should not expect the boom of the freewheeling first decade of the century, a healthy robust real estate market is likely to return with historical price growth. Prices and interest rates will never be better (in my humble opinion). We are in a unique time where homes are truly affordable. If you are able to buy, this is the time to do it.
The article was Five Reasons for Economic Optimism.
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