MyTenSense.com

The U.S. recession has caused unemployment to continually rise, and Americans are losing their homes for the worst foreclosure rates since the Great Depression in the 1920s.
However, the gap between a mortgage payment and rent has shrunk tremendously, and housing sales are on the rise because first-time homebuyers are taking advantage of falling home prices from foreclosures, low interest rates and President Obama’s $8,000 tax credit.
So while many Americans are losing their jobs and their homes, it’s a great time to buy a house if you’ve never bought a home or haven’t owned one in the last three years.
Personally, I have made the leap of faith and taken advantage of the tax credit to begin building my first house. I’m being rewarded for waiting out the housing boom because I’ve now got a lot of land and a big home for half what I would have paid two or three years ago.
In fact, the recession initially began because some Americans got into homes they knew they couldn’t afford and banks eagerly accommodated them with adjustable rate mortgages even if they had shaky credit and unstable employment.
The silver lining of the recession, record unemployment and record foreclosures is that banks have lowered interest rates to encourage people to take on a mortgage, Obama’s $8,000 tax credit helps with the down payment for that first home and great price deals await from the large volume of existing homes on the market from foreclosures to go along with a new homebuilding companies’ large inventory.
News of all the foreclosures can scare anybody from stepping out to make that first home purchase. But the majority of U.S. homeowners are not in jeopardy of losing their homes and most Americans are employed.
And with rising rents and lowering home prices, owning a home is now only $211 more per month than renting compared to $777 more before the recession, according to an Associated Press study. In some areas, such as Atlanta and Cleveland, the difference between owning and renting is less than $100 per month.
And experts expect home prices to fall faster than rental rates this year. So this year is the perfect time to switch from renting to purchasing as long as you have good credit and you stay within your housing budget to avoid getting in over your head which led to this recession and these current foreclosures.
I’m taking advantage of the new buyer’s market after patiently waiting out the outrageously priced housing boom in the former seller’s market. Let my leap of faith inspire you to take that giant step. View a sample of the 27 pictures of my first house in various building stages here, and add me on Myspace to see all of the pictures.

By Teneshia LaFaye

I recently wrote a book with my teenage son to put high school students and college students on the right financial track. In our book, What My Mom Taught Me About Money, teens and young adults learn about checking accounts, credit scores, credit cards, cash advances, investing and more. Preview or buy What My Mom Taught Me About Money here. The book also is available on amazon.com and barnesandnoble.com.

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