While the economic situation today seems a bit bleak, it is a great time to buy a new home. But this may only apply if you have a good credit standing. Aside from getting a house of your own, you also get other financial benefits. For instance, first time home buyers get a 10% tax credit of up to $8,000 buying price. This applies to people who have not owned a home in the past successive 3 years. On the other hand, existing home owners also get a 10% tax credit for purchases up to $6,500. Because of the problem in economics, many have suffered foreclosure. Short selling is also rampant in the market. And so, home buyers today benefit from more choices and even lower prices as well. In addition to that mortgage rates are also lower so it is indeed a good time to buy a home. Again, this applies to people who have secure sources of income and those that have a good credit score at the moment. If this is you, then you should take advantage of the current prices and tax benefits. While the value of homes may a bit volatile at present, you could gain so much from appreciate once the real estate market gets stronger again.