Even the brightest optimists have to admit that the last few years have been brutal economically for the United States. Not only are we seeing high unemployment rates and a severe economic downturn, but we’ve seen a drastic decline in the number of homes being sold. At the same time, we’ve watched a significant rise in the number of homes being foreclosed on. Banks are being choosier and choosier about who they will make home loans to.

But lest we continue on this gloomy tone indefinitely, recent evidence has shown that the number of foreclosures has stabilized, and may even be declining. Maybe even more important is the finding that fewer and fewer of the foreclosures are related to high risk loans. Rather, the recent trend has been towards high income families who have undergone a significant change, such as loss of a job.

Home loans are, slowly but surely, showing the first signs of a comeback. While it would be way too optimistic to say we are out of the woods as a country, it might just possibly be within the bounds of reason to say that we are starting to see the dim light at the end of the tunnel.

While banks are still a little skittish about making loans in high risk situations, several government programs have come into effect that may make it possible for you to obtain a home loan, even if your credit is somewhat less than perfect. And if your credit score is good, there’s never been a better time to buy a home.

While it might seem distasteful to some to buy a house that has been foreclosed on, keep this in mind. Not taking a great deal on a house does not help those who, for whatever reason, were not able to keep up the payments on the house. And repossessed property often sells for a fraction of the price of similar properties. So, as much as we all hate to see anyone go through the misfortune of losing their home, there can be winners in these situations as well.

In short, if your credit is good and you don’t already own a home, what are you waiting for? And even if your score isn’t the best in the world, it might still be worth a try to see if lenders can help you.

Photo via Penningtron