Sinking home prices
It's true housing values have come down - dramatically in many places. And likely home prices are heading lower. So, if you're in the market to buy, now is the time to start the process. Start to look at markets you're interested and gauge your local real estate market.
With prices crashing around the nation, home price affordability has improved dramatically in many U.S. cities.
As a result, 53.8% of all new and existing homes sold nationwide during the first three months of 2008 were affordable to families earning the median household income of $61,500, according to a recent Housing Opportunity Index released by Wells Fargo and the National Association of Home Builders.
That's up from 44% during the first three months of 2007 with home prices the most affordable they've been since the three month period that ended June 30, 2004. --Les Christie and Gerri Willis
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Last updated July 17 2008: 1:39 PM ET
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