That darn pendulum...

While we have slowly seen loan products swing away from us, we have yet to see the pendulum swing back. The products we have available in the market today are much different than what we had even a year ago. Long gone are the 100% financing programs available to anyone that could fog a mirror, now borrowers must actually qualify... What a concept.

While fingers are pointed in all directions, the fact of the matter is that Wall Street developed a thirst for riskier and riskier loan products, while leaving too much control in the hands of the consumer who elected to buy often out of their realm.

This lending practice led us to where we are today... A mountain full of foreclosures, and very limited lending programs. Well, it's not all that limited. I like to think that we are back to the early 2000's where stated income loans were not common place. Were you had to put your OWN money down to purchase a property.

What does confuse me is the market we are in today... We have home values at all time lows, low interest rates, a large home selection and people are still on the fence about buying properties. My question is, "What are you waiting for?". Last time I checked, food, water and shelter were still popular... People are waiting for the market to hit bottom, but you don't know you hit bottom until your on the way back up.

Now is the perfect opportunity for first time homebuyer’s to get into a property and to enjoy Uncle Sam paying part of your mortgage through your interest deduction, or for current homeowner to move on up into more house.