With mortgage rates at record lows, excess inventory, and some signs that many markets are bouncing back - all indictions are that this is an amazing time to look into homeownership.

Sure, you may want to use extra caution in some markets, San Antonio real estate could go either way over the coming months.  However, Cinncinnati real estate and Columbus real estate seem to have held value remarkably well during the downturn.  Richmond real estate has only experienced a minimal decline.

For many in the North East, it's been a mixed bag.  The Worcester real estate market has done fine, but NY and Boston proved riskier.

In the South, the opportunities have never been better - but don't go south of the Jacksonville real estate market unless you absolutely have to.  From Jacksonville to Charlotte real estate is looking like a bargain with stable conditions ahead.

Sure, consider economic stability - but in the long run, you'll want a place you are happy to live in.  Don't get caught up in the investment potential, buy a house you will be happy to live in, regardless of future real estate values.