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Mortgage rates have hit an all-time low, which is causing many to call it a buyers' market— but experts say it's more complicated than that. On Thursday, mortgage rates were about 4.7%, but on Friday, they rebounded to nearly 5% as Wall Street reacts to better-than-expected unemployment numbers. One local mortgage banker says it's still not easy to get a home loan. 25-year-old Christopher Regan just bought a 3 bedroom, 2.5 bath home for a deal he couldn't pass up. "This is our first home, and it's kind of exciting," Regan said. He says an $8,000 tax credit and rock-bottom interest rates sweetened the deal. "Even at a 6 percent, or a 6.5 percent, in my eyes that's still good. It's lower than my car rate," Regan said. Mortgage banker Debbie Bulcock says gone are the days of the so-called "liar loans," when people didn't have to prove their income. "They've turned around 180 degrees," Bulcock said. She says people need to have good credit, job stability, and a cash cushion— and she doesn't think that's a bad thing. In fact, she says lowering standards is what got us into the mortgage mess in the first place. "Just putting them into a position where they can't win. They get a month behind; the late fees stack up, and they can't catch up," Bulcock said. "It's not a good thing to put somebody in that position." Realtors say the real estate market is rebounding as the number of homes sold in October increased nearly 40% compared to the year before.

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Thanksgiving weekend arrives with the state plunged in a budget crisis - and some influential leaders calling for tax increases to help balance the books - but the odds are looking slim for that to happen. Stuart dyson is here with what may lie ahead in tonight's top story. State lawmakers on two powerful tax and finance committees are saying the votes just aren't there for tax increases - so it looks like deeper cuts in state government spending are on the way. When lawmakers meet in january they will still be wrestling with a sizeable hole in this year's budget - and another big one looming ahead for the next budget year. Governor richardson has said tax increases are inevitable - and some lawmakers agree - saying new mexico must avoid any further cuts to public education - but key members of the legislature's big money committees say the votes just aren't there. " Surprisingly enough what i'm seeing is - the people that you normally think would be supportive of revenue enhancement - we won't call 'em tax increases - but revenue enhancement - don't appear to be supportive of that position." " The bottom line is when people are down the last thing you need to be done to you is kick you one more time - kick you a little bit harder when you're having a tough time - a lot of these businesses are just hanging on by a string - and individuals are as well." " I'm not feeling comfortable in terms of having enough tes for any sort of a tax increase in january." " This is an opportunity for state government to really take a look at itself - determine its priorities - determine where we're not spending wisely - and fix it." One powerful voice in disagreement - legislative finance chairman lucky varela. " Now we're going to have to look at the entire picture and i think cutting-only is not an option - i think we have to balance it by some revenue enhancements." But lucky will have his work cut out for him - even if he convinces the house of representatives to go along with him - there's still the senate -.

it's an option on the table for state lawmakers when they meet in january -- looking for ways to tackle a huge shortfall in state revenues. stuart dyson is live at the capitol where lawmakers on a powerful committee were talking tortillas and taxes today. we got rid of the gross receipts -- or sales tax -- on tortilla's and other groceries back in 2005. it was one of the most popular tax cuts ever. but bringing it back could haul in a couple hundred million dollars for the state. now we're talking real money. the politically correct term is revenue enhancement -- but you and i would call it a tax increase. bringing back the sales tax on groceries would mean an estimated 228-million dollars for the state in the next budget year. minute thumbnail 06:16 pm still -- a grocery x is a regressive tax -- hitting poor people the hardest since the spend a higher percentage of their income on food. lawmakers on the powerful tax and revenue committee say there's not much appetite for taxing groceries. "a lot of these businesses are just hanging on by a string, and individuals are as well. and we add a greater tax burden on those folks, we're gonna cut that string, and they won't be hanging on anymore." "as regressive as it is, it's the least painful tax to collect. you pay it a penny at a time when you have to pay property tax, and you have two payments. you have to come up with significant dollars." "before we consider any enhancements at all, we need to make sure that we're doing what we're doing efficiently now, and we know that that's not the case." some lawmakers say the grocery tax is not nearly as evil as it sounds -- because most of the poor are on food stamps -- and wouldn't be paying the tax anyway. it is hard to see minute thumbnail 06:17 pm this one getting very far in the 30- day legislative session. 2010 is an election year -- it's a popular tax cut -- bringing it back in january might have a powerful payback in november. live at the capitol, stuart dyson, ewn4.//

during the holidays -- putting your house up for sale is probably not at the top of your to-do-list. but one agent says if you're trying to sell your home, the holidays are the perfect time to have it on the market. "i think what we're finding is hopefully the bottom is there and we're going to find a great opportunity for buyers right now." linda devlieg says home sales have continued to rise for four months now. to keep the momentum going-- she wrote this blog-- 13 reasons to list during the holidays. "i hear sellers and their brokers telling me, i'm going to take my house off the market for the holidays and my action is always, why?" there's less competition during the holidays, so that could equal a higher selling price. "it's only going to take one buyer to sell your house and you might miss them." devlieg also says that january is traditionally the biggest month for job transfers-- so it's important to have your home on the market now for those people. she's motivating sellers-- like the ruhl family. "it's a beautiful home, we've enjoyed living here. in fact, i thought, gosh, it'd be nice just to be able to movthis house back to oklahoma." "i think we've had four or five showings in that time frame, and i think that's asonably good." devleig says bottom line-- if you don't try-- you don't sell. "if your house isn't out there on the market, you miss that chance."

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property tax bills are angering homeowners. we've been flooded with questions from people who want to know why their values and tax bill have gone up -- when home prices are tanking. that's one of the reasons i contacted you guys. this needs to be exposed, as far as i'm concerned, with the market the way it is and the economy the way it is, they're out of control. antoinette antonio has tonight's "got questions, get answers report." housing market goes down -- home values go down -- property taxes go down. it seems like that would be the case -- but it's not. it's killing us, every dollar means everything to us you know... it gets to the point where you start scratching your head why? scott ziebell is unemployed for the first time ever-- and his wife is in the hospital after having a stroke. when he got his property tax bl minute thumbnail 06:06 pm he couldn't believe it. first off -- his value went up 3 percent. on top of that-- the tax rate for his area was also up. "home values are dropping and it just doesn't make any sense whatsoever." but even with the real estate downturn -- your assessed property values can go up county assessor karen montoya says, by law, the assessed value of your home will continue to climb until it catches up to market value. i think it's ridiculous, i mean, our values are going down lou rolla also came to looking for answers about his property tax bill -- he wants to know what he can do since his bill is so much higher than his neighbors. bernalillo county treasurer patrick padilla says if you didn't protest your home value when you received your valuation notice in the the spring -- the only way to fight your tax bill is by taking it to court. they're gonna have to pay their taxes, but they can pay their taxes and file a protest in district minute thumbnail 06:07 pm court but that usually runs into legal fees it's basically telling me that you deal with it and that's the way its gonna be, basically that they're not gonna help me as for the increased tax rates this year -- the county treasurer says the state sets those rates. so far, we have not received a response from the state on what exactly drove the rates up.

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Get the Latest CBS47 News Update from Monday Afternoon, November 16th.

Get the Latest CBS47 News Update Monday Morning, November, 16th.

IRS experts join us in the newsroom at 5:30 to discuss your tax questions and Unemployment.

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