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No Better Time Than The Present To Explore Home Ownership

CHICAGO, June 23, 2008 - Despite much volatility in today's financial markets, there remains no better time than the present for Americans to explore their dreams of home ownership. In fact, June is National Home Ownership Month in the United States – a month dedicated to recognizing the importance of home ownership and the commitment to equal housing opportunities for every citizen.

Ideal Timing for First Time Buyers
In the past, many first-time home buyers were unable to participate in the housing market due to high real estate prices. Today, home values have declined while interest rates remain relatively low, and the result is an attractive market in which to buy for the first time.

The median home price in the U.S. was approximately $202,000 in April, down nearly 8 percent from April 2007. Prices continue to drop in markets across the country, most notably in the Western portion of the country, where many experts expect a total decline of more than 20 percent before the market hits bottom. A quick visit to any real estate Website will illustrate that inventories are high, with supply easily outpacing demand, making this a true buyer's market.

Be a Smart Shopper
Of course, the fact that today’s real estate market favors buyers does not guarantee that every buyer will get a great deal. As is the case in any market, the savviest buyers will get the best prices. Here are some tips that first time buyers should consider before entering the market:

• Talk to Your Banker or Financial Advisor – Mortgage lenders have raised their lending standards, and many require larger down payments. In light of this, buyers should determine how much they can afford before making an offer on a home. Online mortgage calculators can be helpful in this regard, but nothing can replace sound advice from a true expert. The Harris No Surprise Mortgage Calculators can be accessed at www.harrisbank.com.
• Do Your Homework – Location has long been considered the most important factor when making a real estate investment decision, and that rings true today more than ever before. There are a host of outstanding Internet-based resources that can help home shoppers research school districts, crime rates, and even future construction projects – all of which are major factors in determining the value (or decline in value) of a home.
• Negotiate – Real estate pricing remains an inexact science. Most sellers determine their listing price simply by reviewing recent inventory in the market and setting a price based on comparable homes in similar areas. Buyers should be looking at the same list of comparable homes when negotiating a deal. And if a similar house is available nearby at a much lower cost, the buyer’s price is clearly too high.

Harris has been helping its customers and the communities it serves for generations and has more than 230 full-service locations and more than 600 ATMs in Illinois and Indiana.

About Harris:
Harris is an integrated financial service organization providing more than 1 million personal, business and corporate clients with banking, lending, investing and wealth management solutions. The organ ization is a member of the BMO Financial Group (NYSE, TSX: BMO), which also provides corporate and investment banking services in the U.S. under the BMO Capital Markets name. For more information, please visit www.bmocm.com or www.harrisbank.com.

Harris^® is a trade name used by various financial service subsidiaries of Harris Financial Corp. Banking products and services are provided by Harris N.A., The Harris Bank, N.A. and their bank affiliates. Members FDIC. Brokerage products are offered through Harris Investor Services, Inc. (HIS), a registered broker/dealer, member FINRA/SIPC, and SEC registered investment adviser. Insurance and annuities are offered through Harris Bancorp Insurance Services, Inc. (HBIS). Securities are provided by BMO Capital Markets Corp. (BMOCM), a registered broker dealer and member NYSE, FINRA and SIPC. HIS, HBIS and BMOCM are affiliated companies and are wholly owned subsidiaries of Harris Financial Corp. Products offered by HIS, HBIS and BMOCM are Not Insured by the FDIC or any Federal Government Agency, Not a Deposit of or Guaranteed by Any Bank or Bank Affiliate, May Lose Value. The purchase of insurance or an annuity is not a condition to any bank loan or service. Financial planning and investment advisory services are provided by Sullivan, Bruyette, Speros & Blayney, Inc., an SEC registered investment adviser. Family Office Services are provided by Harris myCFO, Inc. Investment advisory services are offered by Harris myCFO Investment Advisory Services LLC, an SEC registered investment adviser and wholly-owned subsidiary of Harris myCFO, Inc. Not all products and services are offered in every state and/or location.