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While the media continues to report on spiked property prices, other sources are pointing to the fact that in many metro cities, housing prices are "normalized".  In other words, where a buyer would traditionally be unable to afford a home in the last year or so, they can now find that pricing is affordable to median income families. 

Coastal cities in New York, and California, still hold the title of having the market's most expensive housing. However, in Southern cities like Memphis, Atlanta and Columbia, median sales prices are still in the mid to high 100s. 

This is great news for real estate buyers.  First time homebuyers, and first time investors can, and should use the market "downturn" to their advantage. Experts are predicting that the current housing slump will continue, thereby forcing the market to become increasingly affordable. With lower interest rates, and the ability to keep an open mind in terms of location, accomplishing the goal of home ownership in 2007 can certainly be achieved.  Happy Buying!

*Each week, on Monday we will take a look at something interesting going on the real estate market.  Feel free to note any observations in your home market.