This message it going out to all you potential new homeowners out there, let’s buy some condos. Mortgage rates are at an all time low and USA Today is reporting how customers are not taking advantage of these rates.

Let’s face it there are reasons why Americans are hesitating on buying a home. The biggest fear is the high unemployment rate, and for those of you that have a job, there is the fear of losing it. Another aspect is how Americans are paying mortgages higher than what their homes are worth. All this information is very discouraging on the housing market, but how will we get it to pick-up again? How do we get people to stop saving their money and start putting into real estate and the rest of the economy?

Maybe we have to wait for the mortgage rates to go even lower, so that the customers start taking the bait. It is interesting how USA Today explains the standard cycle of rejuvenating the economy. It starts with the Federal Reserve reducing the interest rates, people buy homes, shopping and fill homes with new goodies and the economy jump starts and the economic health spreads to other sectors.

Unfortunately times have changed and we might have to wait longer than usual for things to balance out. In the meantime why don’t you do your part and check out the possibility of buying your own place in New York City while the rates are low. If you are interested click here.