Propaganda in real estate

This is from an article that I found being mailed to Realtors. The media machine drives public opinion by publishing what it wants people to believe...not always the truth.

From property taxes to market conditions...people are always being fed a line about what is going on and what is going to happen and how great or horrible things are going to be.

It's time for truth in real estate......stay tuned. This article has some actual facts but does not tell the entire story.

This fall could be a particularly great time for first-time buyers or those who have been out of the market for at least three years to jump in, say a variety of real estate professionals.

Here are the reasons why:

• Property prices are probably as low as they are going to go as the market stabilizes, thanks to the government takeover of Freddie Mac and Fannie Mae.

• Interest rates are likely to decline as Freddie and Fannie get government help.

• The Federal Housing Administration recently boosted its loan limits to $729,750 in expensive areas. It’s going to take some of that back on Jan. 1, 2009, when the loan limit shrinks to $625,500.

• The FHA allows down payments of as little as 3 percent, but that will rise to 3.5 percent as of Oct. 1. People scraping dollars together for a down payment should try to set their closing for the end of this month.

• The federal tax credit recently approved will shave $7,500 off a first-time buyer’s federal tax bill due April 15. Buyers who don’t owe tax will get the money as a refund. The government’s definition of a first-time buyer is anyone who hasn’t owned a home in the last three years.