A recent article in BusinessWeek makes a good case for buying a home now while interest rates are at/near historical lows rather than waiting to see if home prices might decline further.
Also keep in mind that most home buyers qualify for a tax credit if they buy a house before June 30, 2010.
Lastly, there is talk that the down payment for FHA loans will increase to 5% of the purchase price from 3.5% today. For a $250,000 house, that means that you'll be required to come up with an additional $3750 down.
As the article's author states, "If you have a steady job, good credit, and the down payment, then you really are being offered the gift of a lifetime."
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