You’re unlikely to ever score a better deal than now; rates truly hit historic lows!!!

A proper look at the housing market shows there’s plenty of opportunity, in the form of unbelievable affordability, tremendous values and historic mortgage rates!!

Back in January home prices had dropped well over 30% from their peak. More important, interest rates were at historical lows. By locking in a mortgage for 15 or 30 years on a ‘value priced’ home, you were getting an incredible deal, EVEN IF home prices decreased. At the time, we thought that prices and rates were more likely to rise than fall…we were half right: Home values have steadied and we’ve seen trends of them inching up since, but mortgage rates, incredibly, dropped further.

A BARGAIN…but for how long? Prices and mortgage rates are low but absolute steals will get harder to come by.

U.S. homeowners and renters have positive views about homeownership and the financial and non-financial benefits it provides, according to a new NAR survey conducted by Harris Interactive. A large majority of homeowners (87 percent) and 64 percent of renters agree or strongly agree that owning a home provides a healthy and stable environment for raising a family. More than three-fourths of homeowners (77 percent) and 55 percent of renters believe homeownership helps them meet long-term financial goals, while 70 percent of homeowners and 48 percent of renters believe it helps them realize the American Dream.

Nearly all homeowners (95 percent) and 72 percent of renters say that over a period of years, it makes more sense to own a home than rent. If they had to move in the next six months, 82 percent of homeowners and 50 percent of renters say they would prefer to buy a house. A majority of current homeowners (88 percent) say their ownership experience has been positive or very positive, while only 51 percent of renters have had positive experiences with renting.

More than six out of 10 renters say they are at least somewhat likely to purchase a home in the future, and 24 percent are extremely likely to do so. Nearly three-fourths of young adult renters (74 percent) say they are likely to buy a home sometime in the future, while 43 percent of renters plan to purchase a home in the next three to five years. Many renters cite several obstacles to homeownership, however, including having enough money for a down payment and closing costs, finding a home that is affordable and job security.

Existing-home sales rose 12.3 percent to a seasonally adjusted annual rate of 5.28 million in December from 4.70 million the previous month, but they were 2.9 percent below the 5.44 million pace in December 2009, NAR reported this morning.

NAR chief economist Lawrence Yun says the sales pattern over the past six months indicates a recovery in the housing market. “The December pace is near the volume we’re expecting for 2011, so the market is getting much closer to an adequate, sustainable level. The recovery will likely continue as job growth gains momentum and rising rents encourage more renters into ownership while exceptional affordability conditions remain,” Yun says.

Rising December sales were fueled by falling home prices and increasing sales of distressed properties. The national median sale price of an existing home was $168,800 in December, 1.0 percent below December 2009. Total housing inventory fell 4.2 percent to 3.56 million existing homes available for sale, representing an 8.1-month supply at the current sales pace, down from 9.5 months in November.

Distressed sales accounted for 36 percent of all existing-home sales in December, up from 33 percent in November. First-time buyers purchased 33 percent of the homes sold in December, down from 43 percent a year ago, while investors accounted for 20 percent of sales, up from 15 percent in December 2009.

Existing-home sales rose in all four regions of the country. In the Northeast, they jumped 13.0 percent to 870,000 in December, but were 5.4 percent below a year ago. The median sale price in the Northeast was $237,300, 1.4 percent below December 2009.

In the Midwest, existing-home sales rose 11.0 percent in December to 1.11 million, but were 4.3 percent below a year ago. The median sale price of an existing home in the Midwest was $139,700, up 3.3 percent from December 2009.

In the South, existing-home sales rose 10.1 percent in December to 1.97 million, but were 2.5 percent below a year ago. The median sale price of an existing home in the South was $148,400, unchanged from December 2009.

Sales in the West surged 16.7 percent to 1.33 million in December, but were 1.5 percent below December 2009. The median price of an existing home in the West was $204,000, down 5.6 percent from a year ago.