Housing Affordability Index.Feb2011
These numbers are staggering, IF THERE EVER WAS A TIME TO BUY A HOME, IT IS NOW! This index will go down, do not expect it to stay at this level for much longer. The index for fixed rate mortgages that was pended at the end of December was at 183.9. In 2009, it set a record, it has now set another record since 1971. With prices low, mortgage rates at record lows and incomes stable; this is the market to buy real estate in.

Source: National Association of Realtors, Inman News, New York Times