There are upsides to this real estate market!
While the present economic situation is causing heartache and pain for many ... there are some silver linings to these dark clouds.
Our youngest son, turning 22 in June, is about to close escrow on a wonderful home. He and his two friends - hence the "Three Amigos" will be moving next weekend into a very tidy three bedroom home in Carson City, Nevada.
The three (Chad and Leah 50% and Chris 50%) are high school friends and college roommates. They are buying a 1,400 Sq. Ft., three bedroom home with a nice fenced yard, living room, family room, big open kitchen, and two car garage. It's and REO but in perfect shape, clean, tidy, and the yard is all alive!
They are financing with a new 3.5% down F.H.A Loan ... and their total payment, including taxes and insurance, will be just about equal to what they'd have to pay in rent.
Now ... for the best part ... under the new first time buyer tax credit ... They can close this week, file their 2008 taxes, and get up to $8,000 back.
This is a wonderful opportunity for young American entering the work force! It's also a pretty good source of potential buyers for us. Win Win! That's the way we like it!