This is the best time to buy house. U get $ 8000 cash just for buying the house if u r first time buyer till the end of November. Even If u get ur paperwork finished by the end of Nov, the $ 8000 Tax rebate will come to u from Federal programme. Although, they are thinking of extending it. Another is interest is as low as 4.7 in few places. Never were this much low.

The only thought that struck me was the amount/price of the house. I know sometimes u get cheap when it is owned by bank or say forcloseure homes. But they are often the fault house. It is higly risky unless u pay some licesned person to inspect the house throughly before u make a deal.

Also the prices of houses has gown down, so buy now and sell once the economcy is better

If ur frds make enough money ( and according above, mortagage would be less than rent) and  if he/she thinks that her job is stable, then go for it , with the fact that the homes doesn't need any major reconstruction. However, I don't have a clue for housing proces in Indi...

Move hunue parcha ki kay ho teta tira....house in DFW, dallas area costs over 250 K easily.