Encouraging notes in real estate...

I've always been an optimist, but there seems to be statistical reason to see the real estate cup as half full today.  Cases in point:

• Lawrence Yun, Chief Economist for the National Association of Realtors, said recently that unprecedented interest rates, low home prices and tax credits are lifiting the housing market.  All these factors combined, he said, are "adding to the buying power of the typical family, with affordability conditions this year at the highest on record dating back to 1970."  So far this year, the home price-to-income ratio has fallen well below the historical average of 25% -- the ratio now stands at 15%.
• Fannie Mae is developing new programs to both encourage purchasing their foreclosed properties and improve the neighborhoods where those purchases are made.  They are offering 3.5%-of-purchase price, on some properties, toward Whirlpool appliances or closing costs -- or a combination of both. They have also introduced a "First Look" initiative to give home buyers a chance to get the jump on investors, thereby stabilizing neighborhoods.  In this program, only buyers who plan to live in the house or public entities committed to the best interests of the community may purchase it for the first 15 days.  Once they've made an offer, they have 45 days (up from 30 days) to close and the earnest money requirement may be reduced.
• Only 1.29% of the houses on the market in Washington are foreclosures -- that's tied with Arkansas!  It's still tough, but better than the 6.12% in Arizona and 10.17% in Nevada...