Robert Stein 1924-2014

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Thursday, November 27, 2008

Bargain-Hunting Home Buyers

Bottom feeders pushed up the stock market this week. Shoppers should flood the stores for Black Friday specials tomorrow. Will potential buyers who have been waiting for housing prices to sink to their lowest go into action this weekend?

After an $800 billion stimulus plan for the credit markets announced this week by the Federal Reserve and Treasury Department, fixed-rate mortgages have been falling by as much as a full percentage point.

There are signs of movement in the housing market. "Almost immediately," according to a report from Sacramento, "homebuyers with deals pending raced to lock in rates. Potential homebuyers called their agents and said they were ready to look in earnest. Homeowners took a fresh look at the refinance market."

The leveling of home prices would be a major step in slowing foreclosures and unfreezing credit in general. After lunching on leftover turkey sandwiches, home seekers may start looking in earnest for places to host family Christmas dinners.

1 comment:

Yellow Dog Don said...

Watch the tax deduction for home interest payments come to an end.

It will be more prudent to rent rather than buy in the very near future.

Somebody has to pay for the bailout, somehow.

The pig farmer can't get back to Crawford soon enough.