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what do you think?


Ken

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There are two ways to look at this.

 

First, mortgage interest rates may never be as low as they are now so it's a great opportunity to save money or be able to buy a much nicer home on the same budget.

 

Second, many people are becoming unemployed, losing much-needed income, and are having to sell their homes quickly at below market prices to avoid foreclosure. Many more homes will be foreclosed upon in the months ahead. Unemployment will continue to rise for a period of time. So there will be many opportunities for great bargains over the next year or so.

 

You can expect a gradual recovery in the economy to begin around the middle of 2003...but it will continue to decline somewhat over the months ahead.

 

A home is something that should make you personally happy. Make your purchase when you feel right about it. You can always find reasons for doing or not doing something.

 

By the way, don't blame the recession on terrorists. It is a direct result of people getting into debt well over their heads because of the insane notion that things will be great forever. Once everyone is up to their neck in debt, which happens about the same time for everyone, they stop buying stuff...all kinds of stuff. When people stop buying, the companies that make the stuff have to lay off people because of the lack of demand. This is just a cycle that happens all the time but people forget so quickly.

 

The acts of the terrorists simply eroded the confidence of consumers to get themselves into even heavier debt.

 

I hope this has helped.

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To quote Auntie Mame (by Patrick Dennis): LIVE, LIVE, LIVE!

 

Do what makes you feel most comfortable (and what you can afford).

 

There may be a lot of economic fall out given 911 (look at the beating the stock market took yesterday).

 

A lot of people are being laid off (airlines, hotels, etc)because people are cancelling/putting off plans.

 

This may in turn affect the economy and as a result, mortgage interest rates...they will probably fall (although a lot will depend on how hard the area you live in is hit by the fall out).

 

Schedule an appointment with a real estate agent and/or your local banker. Take a look at local interest rates and first time home buyer programs (if you are a first time buyer).

 

Investigate and then decide...just don't forget to LIVE your life in a normal fashion! Good luck...

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BUY! BUY! BUY!!! Of course, providing that your employment is somewhat stable. Just make sure that you have the funds to last a while if you do lose your job (6 months worth). I had been laid off for 3 months and am now getting on track and have just started looking for a place for myself too!

given the world political and economic situation today, would you see it as an opportunity and consider to buy a place or would you opt to rent as there are too many uncertainties?
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