The world is in recession, various segments of the economy either skyrocketing or the bottom is dropping out– it’s hard to imagine there are any valid reasons to take on the responsibility of home ownership with all the catastrophic economic news the media feeds us on a daily basis. But perhaps these are precisely the reasons TO enter– or re-enter– whichever the case may be.

There are a number of factors looking favorable for home purchases in the upcoming New Year…. here are our “Top Five”:

Rock-Bottom Interest Rates. Have you paid attention to the home mortgage rates lately? There are even some programs with rates near or below 5%– levels that have not been seen for decades. This equates to added buying power for potential homeowners, through the reduction of monthly payments.

Huge Selection of Homes Available. It’s a buyer’s market out there; there is an incredible glut of homes on the market and seller’s ready to deal given the competition for interested buyers.

Rock-Bottom Home Prices. With the huge inventory of homes on the market, and the lack of qualified buyers, home prices have reached levels of the early 2000’s in many areas. Foreclosures and bank-owned properties make up a good portion of the inventory, and are not expected to have peaked yet in some areas.

Specialized Loan Programs Abound. Especially for low-income buyers needing assistance, there are a significant number of unique programs available at the state and federal level. Those with stellar credit needn’t worry as standard financing for A-credit buyers is still alive and well.

Tax Benefits Abound. Although home ownership has always provided significant tax advantages, there are additional programs such as the first time home buyer tax credit (good until June 30, 2009).

So don’t discount the opportunities out there because of the environment of fear created in part by the news media; there are many aspects of the economy today that provide favorable conditions for home buying in 2009. So don’t miss the boat if you have an appropriate ticket to board!

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