The housing figures that were released by the government today were very interesting. There appears to be signs that the housing market may be near a bottom as the rate of price drops slowed over the last 3 months and 9 of the 20 cities the government tracks when releasing their housing data showed slight month to month gains. In addition to this data sales of new homes increased by 2.4% in July and sales of existing homes increased by 3.1% showing that buyers are recognizing that we’re at a bottom and starting to come back into the marketplace again. This is good news for the nations housing market and the economy overall. On the mortgage end of things the FHA is still financing 100% purchase loans for first time home buyers where 3% comes through a down payment assistance program and 3% can be paid by the seller to cover closing costs so getting into a home with $0 down is still possible. The FHA will no longer be accepting down payment assistance programs at the end of September 2008 so now is the time to take advantage of this program before it is gone!