Are you aware of the advantages of being a first time home buyer (this includes a buyer who has not owned a home within the past three years)? If you purchase a home this year you can receive up to an $8000. This superceeds the $7500 tax credit that came out last year and was very deceiving, due to it actually being an interest free loan from the Government and having to repay back over a 15 year period. There is no better time to be a buyer than now. Not only can you take advantage of the $8000. credit (this does not have to be payed back) but interest rates are at an all time low for a 30 year fixed rate. There is also great opportuntiy with the bank owned homes new to the market. Be careful though, you really need an expert that follows the bank owned properties very closely and knows how to get your offer accepted. Are you a first time home buyer wanting to take advantge of this once in a lifetime market that is now correcting itself? You would be a fool not to.