Real Estate Insights

The credit crunch has turned into a buyer's market for consumers who have solid credit and the funds to contribute to a down payment. The average 30-year fixed mortgage rate fell to 6.52 percent last week, its lowest level in three months, as a result of declining yields for Treasury securities and the downturn in the housing market; and rates on adjustable mortgages are also down. Moreover, the National Association of Realtors reports that the median home price slipped 1.5 percent during the second quarter; and jumbo loans are still available thanks to community and national banks--two more conditions that improve the landscape for home buyers.

So, i it's a real oportunistic time for buyers with excellent credit qualifications and down payments who want to move up to a bigger house, purchase an investment property, or buy a home for the first time to buy.