With all of the doom and gloom that is being reported regarding the housing market and on Wall Street, I decided to break with the pack and discuss a few positive things that are happening in the economy that should give us all reasons to be thankful this Thanksgiving.
1. A gallon of gas is about $2 and is projected to go even lower. This will likely stimulate the economy even without a government “rescue”.
2. Falling home prices are now making the prospect of home ownership a real possibility for many who were priced out of the market before. In addition, the interest rates remain low which was not the case in past when we experienced an economic downtown.
3. The last time the market fell below 8000 was in 2003. Somehow, someway we all managed to survive those “dark” days of total despair and the market went on to historic highs just a few years later.
4. The Texas unemployment rate is fairly stable. Yes, it is higher than it was at 5%, but its exactly the same rate that it was after 911 and is actually lower than was just two years ago. http://data.bls.gov/PDQ/servlet/SurveyOutputServlet?data_tool=latest_numbers&series_id=LASST48000003
5. Right now there is a $7500 tax credit for first time homebuyers! http://www.federalhousingtaxcredit.com/ My guess is that there will be more homebuying incentives to come in the near future to help stimulate economic growth.
It’s true that times are tough and might even get tougher, but its important to keep a positive outlook and keep an eye for great real estate buying opportunities.