Because of the recent credit crunch scare, many people who in the past were priced out of owning their first home are finding homes are now within their reach and budget.
Most recently Oakland held a real estate auction where homes were sold to lucky first time homeowners at a fraction of their cost 6 month ago. For example, a home in Oakland that sold for $400K only 6 month ago exchanged hands at the auction for $110K.
With the local rental market prices skyrocketing by sometimes 25-30% from the rate charged only a year ago, this may just be the time to buy. Depending on the location, we see monthly rent starting to match monthly mortgage payments (at 20% down). When you take into account the tax deduction and equity benefits of owning a house, it's obvious that buying is the way to go.
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