Despite an upswing in mortgage and refinance loans, home prices across the country continued to decline through March and April. Consumer confidence in the economy is also on the rise, with the index rising to 54.9 in May, up from 40.8 in April. That means consumers are starting to believe the economy is turning around, and will start feeling comfortable spending and borrowing money again, which will in turn boost the economy further.

The national home price Index fell 19.1% in the first quarter of 2009 compared to a year ago, which is the sharpest decline in more than twenty years.  For current homeowners, this can mean a loss in wealth as the equity they’ve built in their homes disappears quickly. For new homebuyers, this is an opportunity to build wealth very quickly when the market recovers.

Purchasing a home in the current conditions can mean that you’ll get a fabulous home for a very low price. If you’re planning to stay in your home for at least ten years, you can expect the housing market to turn around in that time, and home prices will eventually correct themselves. When home prices go on the rise again, you’ll be building equity quicker than you ever imagined – and as a result can make a lot of money if you choose to sell your home or make renovations.

An experienced Idaho mortgage lender can get you the best deal on a new Idaho mortgage loan. There are great mortgage incentives out there right now that can help you purchase a home, offer tax breaks for purchasing a home, and lock in a low interest rate. VA loans, FHA loans, and other Idaho mortgage loan programs are offering unprecedented incentives to boost the mortgage industry and help more Idahoans achieve the dream of home ownership!

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