I was speaking with a Realtor friend a few days ago.  One of his comments took me by surprise.  He said that he had lost two sales since the "melt down".  The people were qualified and pre-approved and were in the process of buying, but were worried about what the market is going to do.  It is my opinion that if you are a potential buyer with a secure job, have decent credit with the appropriate down payment, it doesn't make sense not to buy your new home at this time. This is a great buyer's market!  House values have come in line so now buyers can get a good value for their dollar(s).  Historically, times like this are when investors make money.  They invest when the markets are down and wait for them to rise. 

It is my opinion that now is one of the best times to buy a home in my lifetime.  I know, there is a lot of doom and gloom on the news.  Don't believe what you hear.  If you are in the market to purchase a new home, have a secure job, have good credit and meet the criteria for a home mortgage; there is no reason not to buy.  If I have a loan that I am meeting the contractual requirents for that loan and the institution that holds the paper on the loan goes out of business, I won't lose my home unless I cease to meet the requirements of the mortgage. 

I heard a couple of mortgage professionals on the radio the other day.  Their assertion was that there was plenty of money to loan for mortgages, but people were not even calling or coming in to see what was available to them.

My best advice is:  Do not beleive what you hear on the news.  Check with a few reputable mortgage professionals.  Do your own research to find out what is available to you.  At least you will know where you stand in today's market and you will know if now is your time to buy.  Happy hunting and good luck!