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Despite housing slowdown, today’s the time to buy

Can you afford to purchase if prices or interest rates rise?
Published on Sep 12, 2007

Is there merit in waiting for the housing market to cool before jumping in to buy a home? While that question may be on the minds of many consumers, the possibility of a significant drop in home prices coupled with a terrific downward trend in mortgage interest rates is rather remote. Potential buyers and investors have given considerable thought to both housing prices and interest rates recently for two reasons: First, they have been intrigued by comments from national economists about the statistics supplied by the U.S. Census Bureau and Department of Housing and Urban Development that showed a 10.2 percent drop in the rate of new single-family home sales between July 2006 and July 2007. Second, mortgage money for many homes will be more difficult (and possibly more expensive) to obtain, given the subprime fallout and reports that borrowers in the "jumbo" category (loan amounts greater than $417,000) were facing increased scrutiny. The idea of "saving my money until home...

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