I really wish that I could afford to buy my own home right now. Not only do I dream of a big backyard where I can start a garden to grow my own fresh veggies and see my future kids playing outdoors, I also wish that my hard-earned money was going toward a home that I could fix up however I liked and that I would own forever. Or at least the foreseeable future.

Well, it finally seems that--at least for some of us--that reality may be within reach. A new report has determined that home prices are currently the lowest they have been in the past 10 years. So what are you waiting for?!

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In case you didn't know, the burst of the housing bubble affected many across the nation. Since prices hit their peak back in 2006, prices have been dropping like lead. But a recent report by S&P/Case-Shiller indexed the housing markets of 20 major cities and found that the average home prices were still dropping by 2.6% from a year before, with Atlanta, Chicago, Las Vegas, New York and Portland hitting new lows.

On the one hand, this isn't great news for home owners who are hoping to sell their property. But on the other hand, now may be the best time to buy a house or apartment if you've been saving up money and have been thinking to take the plunge into home ownership. Paul Newport, an analyst for HIS Global Insight, confirms: "It's probably the best time to buy a home in decades."

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That being said, he adds that "unless you have good credit, you are probably going to have trouble qualifying for a loan."

Robert Shiller, a professor of economics at Yale University, thinks that "there's still a good chance we'll continue down for a year still." 

This is actually great news for me, since I don't think I would qualify for a good loan at this stage in my life. If Professor Shiller is right, it might not hurt to wait another year or two anyway. As someone who dreams of owning my own home, I am definitely excited about the plunging home prices—even though it doesn't say anything great about the current state of our economy.

Will you be investing in a home now that prices are so low? Share with us in the comments below!

Image via haglundc/flickr

About the author

Irina Gonzalez is a Staff Writer for MamásLatinas. She loves pop culture, social media, photography and, above all, discovering new places. She's also a foodie eating healthy and learning to enjoy exercise.

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acrog...

We are thinking of using next yrs tax return to put a down payment on a rent to own home. Why pay someone else $750 a month in rent when we can pay someone $500 towards actually owning the home.

SEA0701

Yeah same here, my hubby and i are going to start look for houses nxt yr. We had found the nice 3 bed room 2 bath town home for only $66,000. We thought there had to be something wrong with it for that amount of $$$ and especially in the area it was in, super good eara but unfortunately we got to the punch a lil to late some had just "least" it whatever that means lol...

Criss...

wow .. have my own home would make one of my biggest dreams .. I have been paying rent since I came to this country .. it has been both a waste of time and money .. all thrown away ... but fear what we can not stop good and and the situation that we are living in right now ... = (so sad but it is our reality ...

Jeann...
Yes if you live in Arizona it is.
JCTVCBN

 

Nope, I won't.

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