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Tuesday, March 03, 2009
FED RESERVE CHAIRMAN BERNANKE SAYS RECESSION WILL END LATER THIS YEAR MOVING THE US TOWARD POSITIVE GROWTH
With the $8000 non-repayable home buyer tax credit interesting first time home buyers, lower and more affordable home and condo prices and low interest rates, housing may be in a better position to move up than other major industries.The National Association of Home Builders’ “Housing Opportunity Index” showed a near-record 62.4% - last year it was 47%, meaning that less than half of households could afford to buy a median priced home.During the boom years, this percentage was lower.This index measures the percentage of homes sold in local markets around the country that are affordable to families earning area median incomes.Areas in the United States that did not experience a high boom in real estate prices are already showing signs of recovery, including parts of the Carolinas, Texas, the Northeast and the Gulf states.With first-time buyers representing 40% of the market, and homeowners moving up to larger homes when they have children. National Association of Realtors estimates "the impact of the stimulus package and lower interest rates on the housing market to be about 900,000 additional home sales in 2009 compared to conditions before the stimulus package."