The economic state of the union may be bleak for those that see the glass as half empty, but those that see the glass as being half full the prospect of low interest rates is appealing. Especially when housing prices have begun to drop and the federal government is giving away money to people that want to buy a house. Considering that mortgage interest rates are affected by the economic standing of the stock market and how well bonds and stocks are traded, investments may be slow right now but the housing market is beginning to heat up as more and more buyers are taking advantage of the free money that the federal government is handing out as an incentive to first time home buyers.
In order to qualify for the $8,000 in tax credit money that the government is handing out a home buyer cannot have been listed on the title of a house within the past three years.
This does not mean that a person who owns a home can qualify for the tax money, but it does include prior homeowners that may have sold a home or been driven out of a house more than three years ago. The person qualifying for the federal assistance does have to be included on the title of the house that they buy and cannot own another property.With home prices dropping and the lowest interest rates that lenders have offered in over 50 years the optimistic home buyer can see the silver lining to the clouds of despair that are hanging over the economy of the country. Now is the time for people to start locking in the lower interest rates and buying houses at discounted prices before the economy rebounds and inflation kicks in once again.
The Silver Lining of the Economic Clouds