Below is the housing affordability graph. It's isn't intuitive because when the line on the graph is high it means housing is affordable. When It's low, it means housing isn't affordable.
Note the large dip in affordability between 2006 and 2007 when prices went crazy. As you can see affordability is increasing at a pretty rapid rate. While this is great for buyer's this doesn't mean that prices will continue to fall. It is based on many factors beyond home prices. Factors such as interest rates, average income, and so forth. The important thing to recognize houses are more affordable now than they were in 1971 when you balance all of the factors I listed earlier.
Buyers you shouldn't need anymore convincing at this point to know that now is the time. Affordable, great rates, tax credit, and a buyers market. The magic 8 ball would likely display "all signs point to YES" it is the time to buy.
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