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Let's rally and boost the real estate market!!!

Posted by kim carpenter on September 10, 2008
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Yes, there are a lot of homes on the market but this market also offers many opportunities!

For those buying their first time home, you can purchase a home at a very competitive price, keeping in mind, you need to have good credit & some money saved for a downpayment.  The days of 100% are nothing but a memory, making homeownership more of a privlige. instead of a right!

For those of you wanting to move up, what a great time!!  Yes, you may have to take a liitle less for your home but you can also buy your dream home for less also!!!

Local real estate market hopes for fed’s help

Rich Van Wyk/Eyewitness News

Indianapolis – A credit crisis still faces home buyers across Indiana even after the government promised to bail out the companies that own about half the home loans in the nation.

However, there are signs of help coming to the real estate industry. Thirty-year fixed rate mortgages dipped three tenths of a point. That’s encouraging to a market eager for good news.

It’s been a brutal summer for real estate. Indianapolis area home sales fell 21 percent from last year. Average sales prices are down four percent, according to the Metropolitan Indianapolis Board of Realtors.

In ten months, the Slicks lowered their price three times.

“Probably four or five couples came in and out,” said Claire Slick.

Is that disappointing?

“Yes, in a word,” said Harry Slick.

Federal intervention could help revive the ailing housing industry. Together Freddie Mac and Fannie Mae hold about half of all the nation’s home mortgages. A federal rescue could bring billions of dollars to the cash strapped real estate industry, making it easier for buyers to borrow money.

“It is a big deal for the housing industry,” said Ron Dow, business professor at the University of Indianapolis.

Dow sees buyers with good credit getting good loans. “That audience today still thinks they market is very tough. I better sit tight,” he said. ” But in reality that is going to free things up. It’s going to be a huge help.”

That help could begin improving home sales by late fall.

Still reeling from a foreclosure crisis spawned by high risk mortgages, lenders are likely to be more cautious about buyers with poor credit histories.

Dow describes them as “individuals with a couple of job losses and some credit challenges, folks who haven’t paid their bills. ”

He says those people will still have a tough time borrowing the money to pay for a house.

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