Boise Home Sales benifit from national drop in housing sales
Boise ID homes for sale benefit from from a drop in the National home sales? No I did not bump my head up against the curb. This week the National Association of Realtors announced the sale of previously occupied homes fell for the second month in a row in January, 2010. The sales of previously occupied homes fell 7.2% surprising economists and reafirming the glut of homes on the market and the lack of jobs.
So why is bad economic news good for Boise Home sales? Any weak ecomic news and especially real weak economic news confirms the economy is weak and still needs to be stimulated with lower interest rates. Yes, "bad ecomomic news" strengthens the bond markets and puts downward pressure on mortage rates. Simply put, when enough bad economic news is reported the Federal Reserve will lower interest rates in an attempt to stimulate a weak economy. Mortage rates were sitting at sub 5% levels for weeks and just recently surpassed the 5% mark which is still awesome. This surprising economic news regarding Idaho home sales assures us at least for the immediate future mortgage rates should remain very stable and may even go lower if more bad economic news is reported, ie: durable goods orders, auto sales, retail sales, etc.
I have been saying for weeks and months that this is an incredible time to buy real estate in Idaho. When you add the lowest mortgage rates in years, the Federal Tax Credit and the price of homes retreating to levels seen in the early 90's it is simply one of the best times to buy a home this country has ever seen. Speaking of the Federal Tax Credit; the deadline for qualifying is fast approaching. Go to My Federal Tax Credit to read more about this tax credit which benefits Idaho first time home buyers and second time home owners.
The Boise Real Estate Market still offers great opportunities but waiting too long may prove costly to procrastinators. If you need assistance with with financing or any other part of the home buying process contact your Boise Realtor