DoorFly.com: Top 5 Home Buying Hopes for 2009

According to Luke Mullins from US News:

In the face of an intractable credit crisis and a recession that could be the deepest since World War II, economists are expecting another downcast year for home buying in 2009. Mission Residential Chief Economist Richard Moody, projects selling real estate prices to continue along their downward slope for the entire year before hitting bottom in early 2010. But while there’s no shortage of gloomy data-rising unemployment, higher mortgage delinquencies, increasing foreclosures-glass half-fullers do have a number of hopes to cling to. And while these more optimistic factors might not be enough to spring housing back to life in 2009, they could-with a few lucky breaks-prevent the market from declining as sharply as it otherwise might.

Here are the five best reasons to be hopeful about home buying in 2009:

Cheap mortgage rates: Thirty-year, fixed mortgage rates hit an average of 5.47 percent last week, the lowest they’ve been since 2004, according to Freddie Mac…
Lower prices: Home prices at the national level have already fallen 21 percent from their 2006 peaks…
Fewer housing starts: In the face of dwindling home buying demand, home builders have been forced to sharply pull back on new construction. The government reported Tuesday, Dec. 16, that November housing starts dropped to their lowest level since 1959, when officials started keeping the statistics…
Obama stimulus: In an attempt to hoist the economy out of its rut, President-elect Barack Obama has announced plans for a massive federal spending program. The initiative is expected to put between $500 billion and $1 trillion into infrastructure repair and other projects in an effort to keep Americans working…
Credit programs: It will be tough for the housing market to come back to life until the credit markets-which have been log-jammed by fear for more than a year-begin to unlock. Like the fight to limit unemployment, reviving the credit markets is a daunting challenge…

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