Dow Hits 52 Week High

The Dow Industrial Average hit 52-week highs today while  rates are maintaining at a relative low point.  Zillow is reporting that less home mortgages are under water in the 3rd quarter than in the 2nd quarter.  The homebuyer tax credit has been extended to 6-30-10, and even buyers who are moving “up” can claim up to a $6,500 credit, with certain restrictions.  And, the buyer’s earned income ceiling has increased from $75K (for a single person) to $125K, and a married couple can now earn up to $225K, instead of the lower ceiling of $150K.
What this all means that is buyers may be more inclined to shop for a new home in the early part of 2010, rather than waiting until spring-summer, in order to “pass go and collect $6500- $8,000” before 6-30-10.  Current buyers may be able to take advantage of the low rates, relatively lower-priced home values, and get a tax credit in the process.  Time for buyers to get OFF the fence – now is the time to BUY !!

Ginger Sullivan, Anasazi Mortgage