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Good To Know: With No Job, Who Can Afford Cheap?

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Jun 16, 2009 10:43 pm US/Central

Good To Know: With No Job, Who Can Afford Cheap?

Reporting
Don Shelby
(WCCO) Amid the bad news on the housing front, comes word that construction of new homes is on the rebound. Don Shelby says don't put on the party hats just yet.

The national average is up to 17 percent in increased new home construction. And, further good news for prospective new home buyers, the cost per square foot for the building is low because contractors have lowered prices looking for work. Any work at all.

Also, the cost of everything that goes into building a house is depressed. Everything from lumber to carpet is cheaper.

So, if you've got the money, now is a good time to buy a new house.

But there's the rub. Another agency of the U.S. government is reporting that job losses will continue through spring of next year.

Mortgage rates are going up again and credit is harder to qualify for. So you can get a house cheap these days, but who can afford even cheap?

Like my father used to say, "If it was raining soup, I'd be standing out there with a fork."

(© MMIX, CBS Broadcasting Inc. All Rights Reserved.)

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