Today's market would be perfect for buyers if it were only a bit easier to get a mortgage.  There are more empty homes now than at any other time in U.S. history; according the U.S. Census Bureau, the nation's empty homes rose to a record 18.6 million in the first quarter this year.  This high vacancy rate tends to create price breaks for buyers. 

In addition, adjustable rate mortgages (ARMs) have contributed to rising foreclosures by causing unaffordable mortgage payments.   Some people bought more than they could afford with little money down when the market was peaking, and now home prices are falling, leaving them with an "upside down" mortgage-a mortgage with a balance exceeding the home's value.  Since many of the empty homes are a result of the increase in foreclosures, many home on the market are less pricey than the homes that owners are selling.

Lucky for buyers, in these market conditions home buyers with good credit and a cash down payment can get an incredible deal on a home and head start on the rest of their life.