Once again, this is not something I wrote - d*mmit! - but I think the article is both well-written and timely. We're seeing lots of first-time home buyers getting into the market, based on a combination of (i) affordability; (ii) inventory; (iii) record-low interest rates, and still readily available federal money; and (iv) the $8,000 first-time home buyer tax credit. But as this article points out, there are plenty of pitfalls for the unwary.
So beware. There are great values out there, but know thyself. Don't buy a banged-up foreclosure unless you are very handy, or willing and able to manage contractors.
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