Home Price Declines, Low Mortgage Rates Motivating California Buyers

Declining home prices coupled with low interest rates prompted more home buyers to purchase in 2008 compared with last year, the California Association of Realtors said Thursday. Sixty-nine percent of all home buyers reported that price declines encouraged them to buy a home, while 40 percent said that low interest rates enabled them to move to a better location. Seventy-seven percent of first-time home buyers said lower home prices played a role in their decision to purchase a home.

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