Owning a fine home, adequately maintained and occupied is easily accessible in many parts of America. As a result of our last economic recession, Americans have been waiting for the moment to hound the housing market; to make home ownership a part of their American dream. Yet due to the spike in unemployment rates, the condition of the housing market has remained a blur to the average consumer. Natural disasters and economic slowdowns both have caused Americans to become renters and forfeit their opportunities of becoming owners.
Renting has become convenient, but does not present the tax credits and/or security that home ownership provides. But wait; there is hope! Chairman Ben S. Bernanke of the Federal Reserve mentioned that the market was changing for homeowners and the time is increasingly perfecting itself for homeownership.
“It is encouraging, therefore, that we are seeing signs of improvement in the housing market in most parts of the country. House prices nationally have increased for nine consecutive months, residential investment has risen about 15 percent from its low point, and sales of both new and existing homes have edged up.1 Homebuilder sentiment has improved considerably over the past year, and real estate agents report a substantial rise in homebuyer traffic. The growing demand for homes has been underpinned by record levels of affordability, the result of historically low mortgage rates and house prices that are 30 percent or more below their peaks in many areas.” ~ Chairman Ben S. Bernanke (www.federalreserve.gov)
Even though economically our country has many non-working Americans, home ownership is not a farfetched thought or dream. The monies a person spends in rent along with the maintenance of their lifestyle can be redirected towards an investment for their family. Homeownership can be frightening but it is doable and obtainable. A vacant home can become your property.
“As I have noted, vacant foreclosed homes lose value and create problems for neighborhoods. The overhang of empty homes also slows the recovery of the housing market by keeping prices low and limiting the need for new construction. To explore ways to address the number of foreclosed homes standing empty, the Federal Housing Finance Agency, which supervises the GSEs, undertook a pilot initiative that made it easier for qualified investors to purchase pools of foreclosed properties from Fannie Mae; the acquired properties would then be rented for a specified number of years. For our part, the Federal Reserve is encouraging the institutions we supervise to manage their inventories of foreclosed homes in ways that do not exacerbate problems in local neighborhoods, including renting them out, where appropriate, rather than leaving the properties vacant.10 “~ Chairman Ben S. Bernanke (www.federalreserve.gov)
Therefore, why settle for renting when you can buy. Let this year become your year of ownership. Owning what you rent can change the outcome of your future, which only makes your future looking increasingly brighter.