House Credit 15k: Good time to buy?

This is something that should allow more people to buy houses.

Lets see put 8k down and make it one year and get 15k back

yes im looking throughly at buying a house this year.

Think it could work out well.

Any things i should look at ?

 

If its a good time to buy why do banks want 40%?
Unless they think property willl still fall?

 

It depends on the area. Prices in the bubble markets at still selling for 300% of '2001 prices'. Homes in places like Texas aren't as inflated and $150k will buy you a nice home.

 

The Mirror Newspaper actually reported a price rise in the UK. This might be true or just because if the continue to say things are worse than they are they too will fall victim as no one is advertising like they did a year ago.

 

People are getting bargains on foreclosures in California and Florida. Prices are cheap in the rust belt.

 

Las Vegas is cheap compared to San Diego. You can practically get a mansion in the best part of Henderson.
I was looking online and i saw a 5 bedroom 3 bath home for 180k (2600 square feet). I was looking inside and it looked like the houses of the rich people in La Jolla and Solana Beach. With the 4 to 4.5% mortgage rates coupled with this credit it could stimulate the house market later this year in certain states.

Bogart, even with foreclosures , houses are still overpriced in our city compared to the wages being earned and the jobs being lost.

 

On the Gold Coast which is the Hudson Waterfront from Ft. Lee, Englewood to Hoboken, Prices are dropping from 0.2% to 0.5% a week. Prices have fallen 34% in the last year but prices are up 300% since 1999.

Buying a $500k building or condo today is going to result in a 50k loss or more just for 2009.

The US East Coast is going to have a rough 2009 and 2010.

 

In short, no not a good time to buy.

 

I have family in Fl, my aunt and uncle own a house in St. Pertersburg that they purchased for over 300k dollars about 10 years ago, and it is about 1/8 acre. Go to Texas, and just like 10 years ago, you still get a decent 4-5 bedroom, 2-3 bathroom, house on about 10-20 acres, for abotu 150-175k depending on the land quality. Texas housing hasn't been hit as hard (except in the larger cities themselves). Brian, look at it through this point of view here and it should help you in making your choice:

Interest rate high? Is it variable (not just if you default, but if the bank wants to raise the rate) Can you afford the payments for a couple months off your savings and still live ok should you get laid off? What are the chances of you getting laid off from work? I would wait until the latter part of this year where the market isn't in so much of a free fall before you buy. Houses should be at a better price and you not have ot worry about loosing money on the house in the near future. Also, is your credit rating 650 or higher? If not, don't bother, if you get approved you'll have a huge interest rate. And thats IF you get approved.

 

How much is 20 acres and a mule?