The depressed real estate market has created a lot of opportunity for potential buyers.  At no time in my lifetime has the actual cost of real estate ownership (when compared to household income) been so low. Real estate is currently a bargain.

There are some pitfalls, however, for buyers looking to purchase, especially first time buyers looking to leverage the great values available in condominiums that are available today.  While FHA financing is a valuable option for a homebuyer, certain FHA rules, when dealing with condominium purchases, can be exasperating.