Home Buying And Mortgage Tips From Clark Howard

Clark Howard's July 1st show notes have some news on the $8,000 first-time homebuyer credit and on the home buying environment.

For those who have houses under contract but still haven't closed, the Senate granted financial institutions a 90-day extension from June 30th to process all the paperwork.

According to Clark Howard, this is a good time to be a home buyer (we know it's not a good time for being a saver):

now that chance to get the credit has come and gone, sellers have had to drop their asking prices to move unsold inventory. [...] Finally, mortgage rates are now at a 60-year low. There are three factors at play here: The European financial crisis; continuing worries about a double-dip recession here at home; and the slowing of China's economic growth.