INFO THAT HITS US WHERE WE LIVE Fannie Mae released a survey showing 70% of those polled in June and July feel now is a good time to buy a home. This is up from a 64% reading in January. At the same time, 83% of those surveyed think it's a bad time to sell, which isn't such a terrible thing, since there's still plenty of inventory for buyers to choose from.
Another group of industry observers concluded that sales of existing homes hit bottom in July and will rebound in the fall. They based this on recent reports for purchase mortgage applications and pending home sales, which track signed purchase contracts for existing homes.
The fact remains, homes are now more affordable for more people than they've been in years. And today's historically low mortgage rates make monthly payments much easier to work into the family budget. Prices may have bottomed out indeed. The S&P/Case-Shiller Home Price Indexes show that nationally, home prices are 3.6% above levels a year ago. For buyers who expect to live in their home a while, many observers feel this is clearly a very smart time to purchase.
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