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Homebuyers may want to act quickly as real estate prices continue to fall

February 23, 2010 - Although home prices continue to drop, signs of economic recovery are beginning to slow their decline. As a result, individuals who are considering buying a new home may want to act soon in order to take advantage of recession-inspired deals.

CNN reports that home prices fell 2.5 percent between October and December of 2009. However, this figure may be indicative of improvement in the real estate market, as averages costs of new homes fell 32 percent between 2006 and the first quarter of last year.

Consequently, experts anticipate that decreases in home prices will begin to level out and eventually increase.

In fact, some markets are already showing signs of growth. For example, Las Vegas reported a 0.2 percent increase in home prices in December, which was the city's first monthly gain in three years.

Families who are thinking about relocating may want to examine the market soon, as this trend toward higher home prices could continue as the country sees its way out of the economic downturn.

In addition, individuals who purchase a new home before April can qualify for the Federal Housing Tax Credit, which is worth up to $6,500 per household for repeat buyers, according to the National Association of Homebuilders.

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