Though 2009 is a time of painful economic climate of shrinking investments, credit crisis, a recession and a time when economists are still expecting another downcast year for housing. There is still a silver of positive news and a number of hopes to cling to. These are optimistic factors that might be enough to spring housing back to life in 2009 and could—with a few lucky breaks—prevent the real estate market from declining as sharply as it otherwise might.

Here are the three best reasons to be hopeful about housing in 2009:

1. Cheap Mortgage Rates

It was not too long ago that mortgage rates were expected to move sharply higher but a number of recent developments have combined to create a decidedly optimistic mortgage-rate outlook for 2009. The factors that would typically operate on mortgage rates are the economic backdrop, the inflation backdrop and government housing policies which are all pointing towards lower interest rates for this year.

2. Lower Housing Prices

House prices at global level have already fallen to 21 percent especially in the US and could drop further to 25% by late 2009 according to economic analysts. Lower housing prices help stimulate buyer demand and are needed to mop up housing inventory. As a matter of fact values in certain markets are already at low levels enough to tempt bargain hunters. “Falling home prices are not part of the problem that slumps the real estate market, they are part of the solution” said Mike Larson, a real estate analyst.

3. Rents are falling fast too!

Though it is difficult to quantify the state of the rental market, rents fell in almost every sector in the global real estate market. The steepest drop was 5.7% of the price that were set by landlords. Some people are even negotiating rents as much as 20% lower than the original prices. These figures also leave out incentives, like a month of free rent or the landlords can pay for the broker fee which can add up to real savings.