As you go out to dinner or visit the shopping mall, you may feel that you’re alone…well, you’re not. In response to our recession, more and more Americans are giving up going our and discovering the joys of life at home.
Money Magazine reports that during this uncertain economic time, “frugality and safety are in, bling and plastic are out”. As people spend less money on dining out and entertaining, they are placing renewed value on their families and communities.
“We are not just cutting our bills, we are rejecting materialism. We’re placing a priority on safety, relationships and personal growth. We’re embracing family and communities and asking how can we help others, not just ourselves.”
In fact, in response to a survey for Money Magazine, 9 out of 10 participants said they have changed the way they handle their finances as a result of the economic crisis.
While cutting back and sticking to a strict budget can be a difficult adjustment, for many, it’s more important than the alternative.
LOW INTEREST RATES:
Falling interest rates are fueling a rise in home mortgage applications and refinancings in the Inland region, though experts aren’t yet ready to declare the beleaguered local housing market on the road to full recovery.
PENDING SALES:
According to the National Association of Realtors’ housing affordability index, seven of the top eight most affordable months occurred during this year. Pending sales of existing homes rose for the sixth straight month in July, the association reported.
NEW HOME SALES:
Sales of new, single-family houses rose 9.6 percent in July compared with June, to a seasonally adjusted annual rate of 433,000 units, according to estimates released jointly by the U.S. Census Bureau and the Dept. of Housing and Urban Development.
HOUSING MARKET LOOKS GREAT FOR BUYERS:
The combination of affordable home prices, historically low mortgage rates, and a first-time home buyer tax credit that’s set to expire soon, has created the perfect storm of sorts for buyers who’ve been sitting on the fence, waiting for the market to recover.
Real estate prices nationally have declined approximately 30 percent from their 2006 peak and are beginning to show signs of increases—an indicator that prices aren’t likely to go much lower, according to some housing analysts.
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I will be happy to help you with any of your real estate needs. I look forward to working for you.
~ Barry Ripp
