I am sending you a short note to bring you up to date on what is happening in the real estate market because the newspapers and television only give us the bad news.

Did you know that less than 4 percent of homeowners are in foreclosure? Yet, that is all we hear? Why don’t they say 96 percent are doing well? Why don’t they also tell us that out of 100,000 families, 60,000 can buy a house, where as a year ago only 40,000 could buy a house? That’s 20,000 more families that can buy. Why, because prices are low and the interest rate was in the 5 percents as of Oct. 8.

The government has money to help first-time home buyers purchase a house. A first-time home buyer is someone who has not owned a house in the last three years. A first-time home buyer can receive a $7,500 tax credit from the government, which means money in the pocket.

For example, a person earning $2,500 a month can buy a $140,000 home with as little as $4,200 down plus closing costs, even if you have some collections, you don’t have to have perfect credit.

Louie Fimbrez,
Madera

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