Why It's Time To Buy: The Wall Street Journal

The Wall Street Journal recently published "Why It's Time To Buy", saying the the long-term case for home ownership is looking stronger. Despite all the housing gloom being fanned in the international press, The Journal finds growing indications that a historic convergence of market conditions is making this an ideal time to buy real estate. Mortgage rates, which fell to 4.55% for the week ending June 2, according to Freddie Mac, are near 50-year lows. Homes have become more affordable at the same time that a glut of homes has created a buyer's market: There were about 15 million vacant homes in the U.S. last year, according to John Burns Real Estate Consulting Inc.—some 3.1 million more than normal. The Journal further points out that this opportunity may not last long as demographic shifts, an improving employment picture, and the more positive psycology among potential buyers will likely increase the demand for real estate. Read the full article.