This recession is an opportunity for Los Angeles home buyers who ignore the 'world is coming to an end' headlines and take advantage of moderate home prices and record low interest rates. Let's look at some interesting facts:

FACTS:

*  The US is still #1 in GDP (Gross Domestic Product) at $14,330,000,000,000 which equals more than the 3 countries that follow behind combined: Japan, China & German.

*  Approximately 30% of all homes in the US are owned FREE & CLEAR.

*  Of the 70% of households that do have a mortgage, 96% are not in foreclosure.

*  When mortgage rates fall to a record low, housing affordability surges to a record high.

*  The Housing affordability index is at the highest level of affordability in 20 years. (National Association of Realtors)

As of January 2009, the Housing affordability index hit 166.8. This means that a typical household earning the median family income, $59,821, would have 166.8% of the qualifying income to purchase a median-priced existing single-family home of $169,900 with a 20% down payment-the highest level of housing affordability in history.

*  Until December 1, 2009, first-time Los Angeles home buyers can get an $8,000 tax credit for the purchase of a primary residence as part of the recently passed Economic Stimulus Bill of 2009.

We are NOT even near Depression:

*  In 1929-1939, Unemployment rate: 25%
   In 2009, Unemployment rate: 8%

*  In 1990, there were 653 failed banks and S&Ls.
   In 2009, there are 8 failed banks and not one person has lost money from his accounts.