Finally, it is time to buy a house:
Buying real estate is a good long-term investment for many reasons, some of which have only become apparent in recent weeks.
Making sense of the story
- Housing prices rose sharply
in May compared with April. The S&P/Case-Shiller Index, a
closely watched real estate index, rose 2.2 percent in 20 of the nation’s
big cities. Prices rose more than 3 percent in Chicago, Atlanta, San
Francisco, and Minneapolis.
- Nationally, the increase was
the first in seven months. More importantly, the increase matched
other data and evidence this spring that foreclosures slowed and
inventories were shrinking. Economics suggests that as the supply of
distressed property slows, buyers will be forced into higher-price
properties.
- In addition, interest rates
on 30-year fixed mortgage have tumbled below 3.5 percent. For those
who can get credit, these aren’t just historically low rates; they are
one-sided deals tilted toward borrowers.
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