For more people, scales tip toward buying a home

[Peacetrain]

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Yesterday I did a thread on seeing the stimulus money at work up close and personal
http://www.democraticunderground.com/discuss/duboard.php?az=show_mesg&forum=132&topic_id=8537670&mesg_id=8537670

Today this is another bit of good news..
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http://news.yahoo.com/s/ap/20090721/ap_on_bi_ge/us_buy_vs_rent

For more people, scales tip toward buying a home
AP

By ALEX VEIGA, AP Real Estate Writer Alex Veiga, Ap Real Estate Writer – 1 hr 59 mins ago

For Aaron Carter, a musician who was struggling to fit a drum set, a piano and three guitars into his 600-square-foot apartment in Phoenix, the math on owning a home finally began to work in his favor.

Rent for the apartment he shared with his wife: $615. Mortgage payment for a home with twice the space: $760. And the interest on a mortgage is tax-deductible. So they jumped at the chance to buy some elbow room.

"We figured that everything together, getting more space, getting out of the apartment life and also just the prices right now, it just was the perfect time for us as a couple" to buy, said Carter, 20.

For Americans debating whether to buy or rent their homes, the scales are tipping toward ownership. Because of the slide in home prices, low interest rates and tax incentives, renters are realizing they could handle a mortgage for a just little more money.

[Bankhead_ATL]

1. I am in the ATL and this place is a buyers market. I told My homeboys to come up and...

check things out

[Warpy]

2. Even though the bottom hasn't been reached

if you're in an area with rising rents, a modest house with a small, fixed mortgage can be a great hedge against inflation, something you can generally count on with any fiat currency like ours.

Just know your area, know how likely you are to move, know how stable your income is. Ignore the real estate agent's exhortation to buy the most house you can afford but stay well within your means, instead.

It's still a very good deal for some folks.

[Xithras]

3. If you have the financing, it's an awesome time to buy.

Just make sure you have enought to cover closing costs and at least a 5% cash down payment with strong employment and credit history. If the history is shaky, expect to bump that number to 10% or 20%.

The days of zero down purchases are over for most of us.

[Peacetrain]

4. Housing prices in western Iowa are starting to go back up..

I find that amazing.. I am not sure what is behind the housing prices going back up here locally?