Historic Time to Buy a Home

The Wall Street journal makes the case today for why now is a historic time to buy a home. Among their key points:

• Mortgage rates, which fell to 4.55% for the week ending June 2 are near 50-year lows. 
• According to Moody's Analytics, the ratio of home prices to income is now 20.9% lower than the 15-year average through 2010, and 12.5% lower than the 1989-2004 average 
• A historic glut of homes has created a buyer's market: There were about 15 million vacant homes in the U.S. last year, according to John Burns Real Estate ConsultingInc.—some 3.1 million more than normal.

You can read the full article here.

- Sara Giordano