The good news!
Two key measures now suggest it's an excellent time to buy a home.
First, the nation's ratio of house prices to yearly rents is nearly restored to its prebubble average.
Second, when mortgage rates are taken into consideration, houses are the most affordable they have been in decades
For example, the median home in the greater Phoenix market, costs $121,700, according to Zillow.com. Home pricing in Franklin NC is very similar... With a 20% down payment and a 4.12% mortgage rate, a buyer's monthly payment would be about $470. Rent for a comparable house would be more than $1,100 a month, according to data provided by Zillow.com.
When prices are low, loans are cheap and plump investment yields are scarce, buyers should jump now!