Some might say the American housing market is in crisis - shambles even. Even in LaGrange, sales are slow, foreclosures can be found in some areas and real estate agents have enough homes to sell straight into 2011.

For the brave, the bold and those who can afford it, however, it may be the best time in the history of the housing market to purchase a house.

“Truly, based on the facts, it is the best time. Buy a house,” said Grover Golden, a broker for the LaGrange and West Point offices of Coldwell Banker Spinks Brown Durand Realtors. “If you’ve got the income and you’ve got the credit, if you don’t buy a house now, I’m afraid you’ll look back two or three years from now and wish that you had.”

Historically low interest rates and tax credits through the federal and state governments have spurred a few buyers around Troup County, but it’ll take a lot more to bring everything up to speed.

“We probably have somewhere between a 14- and, maybe, 15-month supply of homes based on the absorption rate,” Golden said. “In other words, at the rate people are buying them, if not another home went on the market, it would take us about 16 months to get them all sold.”

Golden first purchased a home in 1990 at 13 percent interest and nearly lit up when the rates dropped to 11 percent. So when rates hit a historic low of 4.5 percent, he had the house he had built refinanced.

The paper calculator he uses to figure interest payments doesn’t even drop lower than 5 percent.

“I guess when they printed this, no one could have fathomed that the rates would ever be below 5 percent,” he said.

Rates were between 4.5 percent and 4.75 percent recently, but they won’t stay that way. Golden hass been in real estate more than a decade and knows the interest rates will have to in-crease eventually.

“It’s historically low. They’re never going to be this low,” he said. “The interest rates are going to have to go up, and when they go up, they’re probably going to go on up relatively quickly.

“I don’t know if we’ve got six months or a year, but what I do know is 4.75. You can’t beat that.”

RE/MAX LaGrange owner Joel Upchurch feels the same way. It’s a huge deal for real estate agents and homebuyers.

“Typically when interest rates are low, prices are through the roof,” Upchurch said. “Generally, that’s the adjustment they show because people can afford more houses. Now, what’s happened is rates have fallen to the cellar and so have prices, and, on top of that, the government is going to give you up to 9,800 bucks, which is unbelieveable.”

But that’s only for a limited time. And for those looking to purchase a house for the first time and those purchasing again, it’s no longer an easy affair.

Required credit scores are higher and a person’s debt-to-income ratio is not nearly as lenient as it was previously, Golden said. Due to the “credit crunch,” banks also are much less lenient handing out loans.

Bill McConnell, real estate manager for Daniel Realty and Insurance Agency, says sales haven’t risen in this area to a great extent because of market worries and credit difficulties ­ primarily for younger couples who would get into a house but are waiting for the market rebound.

“A lot of them are just holding back. They’re still concerned,” he said. “They want to make sure they’ve got a job first, make sure they’ve got enough money to pay their overhead.”

Golden said: “Two years ago, you could get a 100 percent loan with a credit score of 560, 580. Now, people with credit scores of 640 and even above, if they … owe a lot of money, (they) can’t buy a house.”

Upchurch agreed that the credit crunch has caused many potential loans to be turned down while scaring some would-be purchasers into waiting.

That hasn’t stopped agents from selling houses, however.

Upchurch said at his office, agents have gotten busy and plan on staying busy.

“In terms of the entire market, (Troup County) has stayed relatively safe. … I think Troup County and LaGrange will be fine,” he said.

Jim Daniel, president and broker for Daniel Realty, believes the area suffered a little from overbuilding, although not like areas in Florida, which placed millions of dollars in condominium construction or, as he calls them, recreational buildings.

“There was overbuilding here just like everywhere, but not to the extent of some certain areas where it just really got killed,” he said. “(People will) overbuild it because when things are really moving, people have a lot of excess money and they go crazy buying (second homes and condominiums), but when it tightens up, they’re the first to go.”

Foreclosures also have played a part in “watering down” Troup County’s housing market to some degree by flooding it with low-priced houses.

Nationally, houses are being appraised at lower prices because of the increase in foreclosed properties, McConnell said.

Although Troup County isn’t nearly as flooded as more metropolitan markets such as Atlanta that make national news, Upchurch said, it has had an effect.

Foreclosures lead to losses for banks because of low minimum auction bids. For the buyer, most foreclosed houses come with additional baggage, “whether it’s title concerns or the physical condition of the home,” Golden said. “Everybody thinks a foreclosure means it’s automatically a good deal, and that’s not necessarily true.”

Upchurch said RE/MAX has trudged through a swamp of foreclosures and but sees houses on dry land drawing near. He believes most nearby foreclosed houses have been removed from the market, which will have a positive affect on local housing.

Daniel has seen the house market do the same thing, saying Troup County probably is better than most and watching local sales continue to improve.

Eventually, the national market will begin to recover as well.

“We just experienced a typical correction - it just took longer to get here this time and was more drastic when it got here,” Daniel said. “Usually the longer you have an expansion, the more difficult the retraction is.”

Those who have the ability, resources and gumption to purchase a house in this market, however, should take the time to look around. There’s plenty of sweet deals out there for those willing to jump in, experts say.

“It’s the best of times and the worst of times,” Golden said. “If you’ve got credit; you got a good, stable job; and your debt to income ratio is right, in other words you make a lot more than you owe, it’s a great time to buy a house.

“It’s a safe bet, it’s better than paying rent, you’re building equity, it’s a tax write off ­- it feels good to have your own home. It just does.”

Trey Wood can be reached at twood@ lagrangenews. com or (706) 884-7311, Ext. 228.