According to the Newspress Lee County spiked to 2160 foreclosures in April. Does that sound like a buying opportunity to you? It does to me. These homes typically are in great shape. The previous owners have left these homes in pristene shape (for the most part). They are all being sold as is with right to inspect. What a deal. You can't even come close to building the same home for that money. There is every conceivable price range. My way of thinking is the more house you can afford today is expotentially more money save. If you can afford a $120,000 home (probably cost $220,000 to build new. If you can afford to buy a $300,000 house (probably cost $450,000 to build). If you can afford $500,000 house (probably cost $750,000 new). Get the picture? That doesn't even count the inflated prices of 2005.
The Feds have lowered interest rates to 2% cutting prime to 5% again. If this isn't the time to buy with gusto I don't know what is.