or bracing yourself for the 2012 Mayan Apocalypse)
Let's Look at the Data
Historic Interest Rates
Feb 1972--- 7.33%
Feb 1982--- 17.60%
Feb 1992--- 8.76%
Feb 2002--- 6.89%
Feb 2012--- 3.92%
If you were a Historical Hypothetical Buyer and wanted to keep a monthly mortgage payment around $710...
In
1972 You could only buy a home Valued at $103,000
1982 You could only buy a home Valued at $ 48,000
1992 You could only buy a home Valued at $ 90,000
2002 You could only buy a home Valued at $107,800
Today a $709 monthly payment is worth a home price of $150,000 Talk about Buying Power!
Couple the low cost to borrow money with the fallen prices (which have hit record low's) the cost of home ownership has never been more affordable!
Call me for a personal tour of Bloomington's affordable properties (before the prices creep up again).
And if the Apocalypse happens hopefully I end up like these guys...
For more information on Historical Interest Rates Check out the Federal Reserve Bank Website.
It's a great time to be buying!!
