On Oct. 8, 2008 Ben Bernanke and the Fed brought financial aid to the markets, lowering the Federal Funds Rate and Discount Rate by 1/2 point. What this means is Rates for homes may lower even more. Keep in mind interest rate changes take months to work their way through the system. The housing market is the last to reap the lower rates.
There are plenty of bargain homes available now. With the market being sluggish many people are getting desperate to sell their homes before they are forced into foreclosure.
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