Posted by Lauren Cappelli
By Liz Pulliam Weston
MSN Money
MSN Money
If you're 35 or older, the financial crisis may seem to have no upside. Your retirement funds, home equity, job prospects and credit lines have withered so much that it's hard to focus on anything but what you've lost.
If you're young, though, the biggest threat to your future financial security isn't the current crisis. Your greatest risk is that fear will cause you to miss some once-in-a-lifetime opportunities.
Consider:
Houses are on sale. Home prices are down 27% from their July 2006 peaks, according to the S&P/Case-Shiller Home Price Indices, and values have fallen more than 40% in some areas. That's a bummer for current homeowners but a boon for those just starting out who can now afford better homes and neighborhoods than they could have just a few years ago.
Houses are on sale. Home prices are down 27% from their July 2006 peaks, according to the S&P/Case-Shiller Home Price Indices, and values have fallen more than 40% in some areas. That's a bummer for current homeowners but a boon for those just starting out who can now afford better homes and neighborhoods than they could have just a few years ago.
Could home prices drop further? Of course they could, and they probably will, because the foreclosure crisis is far from over. But right now:
Interest rates are still near generational lows but are likely to shoot up once the recovery begins.
The Internal Revenue Service will give you an $8,000 tax credit if you buy before Dec. 1.
Interest rates are still near generational lows but are likely to shoot up once the recovery begins.
The Internal Revenue Service will give you an $8,000 tax credit if you buy before Dec. 1.
For full article click here
No comments:
Post a Comment