A recent NY Times article, It May Be Time to Think About Buying a House, makes a strong argument for buying real estate now, particularly if you plan to stay put 7 to 10 years. The opportunity to lock-in a low mortgage rate for the next thirty years makes this especially compelling for first time buyers who aren't tied down from moving by an unsold home. How our economy performs in the next year is certainly uncertain, but uncertain prospects aren't a good reason to let good deals, tax credits and favorable mortgage rates pass you by. It is, however, a time for prudent & sober decision making. Simply put: buy only what you can afford, in a promissing location and start building up your equity.