While low market values do hurt those selling, it is definitely a bargain for anyone buying a home. Due to the decrease in values, according to data obtained for the Housing Opportunity Index which was released by Wells Fargo and the National Association of Home Builders (NAHB), almost 53.8% of homes sold in the first 3 months of 2008, were affordable for those with a median income of $61,500. The previous value obtained in the first three months of 2007 was 44%.

Sandy Dunn, president of the NAHB, says that "Three factors combined to substantially increase housing affordability,...Mortgage rates returning to near the record low levels of a few years ago, a $2,500 rise in family income nationwide (from 2007 to 2008) and lower house prices."

Of course the NAHB is also quick to point out that while many are flocking to buy, there are still some factors holding buyers back: buyer expectations and fear that after buying their home value could drop even lower, affordability (it is still tough to get loans), and location (perhaps the areas where they need to move do not have drastically lowered home prices).