The stockmarket continues to stumble as housing and financials lag. The mortgage industry is in disaray, as Fannie May and Freddie Mac get crushed. Despite the drop in the Fed Funds rate ,mortgages havn't dropped. We probably have another 6 months before housing bottoms ,but  buyers with no credit problems can start looking. It is a great time to buy a house. Builders are highly discounting their inventory ,and will listen to any reasonable offer.  You do need to be preapproved.