hmmm...I have to disagree with you yekloyatri. Well, Yes housing market just shaked due to sub prime loans but if you have good credit then these houses in the market for foreclosure gives chance of finding cheaper house and bargaining would work this time more than ever. BUT you need to have really good credit cause Banks are scared to lend money to risky creditors. This is buying market rather than selling.If you have confidence in your steady income i do not see why it would be harm to buy a house.But go for fixed rate interest rather than adjustable. Also, bank of America and Citi just bailed two big mortgage company - countywide and GMAC .See they all work together they are all commission agents. And more over US is not going to just watch and see this market going down the drain. Be Optimistic Buy home !