The cover story in Time Magazine is “Rethinking Homeownership.” The story includes many of the pitfalls of homeownership with the largest being lack of mobility. With this exception, much of the data is backward looking and covers the worst recession our country has faced. It’s time now to realize that with this recession comes opportunity. Home prices will not continue their slide forever and in many Las Vegas locations they are bottoming out after dropping 50-70%. Now may be the single best time to become a homeowner in our generation. Prices are at ten year lows, mortgage interest rates are at fifty year lows and selection is large. Mortgage interest and property taxes are deductible. Owning a home makes people feel safe, secure and free. A homeowner can do whatever they want inside their own home and can garden or entertain easier at home. But let’s don’t forget that homeownership is a long-term commitment. Losing sight of this fact caused many to jump into something they either were not ready for or could not really financially commit to for the long run. Continue to support homeownership!
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