We’ve been hearing bad news followed by more bad news for nearly a year now. The housing market began to implode, the stock market plummeted, the credit markets came to a complete standstill, and company after company began to fail and declare bankruptcy. Of course, now we’re in the midst of a government bailout in which yesterday’s plan is replaced anew each day by another, more expensive plan, with more money and more companies in need of a fix. Unemployment rates are on the rise, as well as bankruptcies and foreclosures.
If you pay any kind of attention to this mess you’re likely to become depressed in no time at all. In light of this fact, it might be worth it to look for some sort of silver lining. Well, if one thing is for sure, home prices have fallen in most cities around the U.S., and are now lower than they’ve been in many, many years. Coupled with this decline, we’ve seen record numbers of foreclosures and banks desperate to get rid of repossed houses. This perfect storm has created a buyer’s market for the few lucky enough to have the resources to buy a house now.
CNN/Money has a nice little slideshow featuring some families that have been able to afford houses that they otherwise might not have been able to qualify for in these last few heady years. One family had just been able to buy a house for $155,00 that had last sold for $364,000. That’s certainly a silver lining in this unforgiving real estate world.