After the the mortgage crash in the fall, industry analysts saw real estate values plummet by over 18%. Many homeowners have watched their real estate values plunge downward to below the level that they bought the place for in the first place. But it has also produced a buyer’s market for savvy consumers who would like to take advantage of the low housing prices to buy a home now.

Housing prices crashed as far as eighteen percent according to one report on this real estate market. Homeowners who once regarded their house as a nest egg are now seeing their homes being valued for much less than what they could have gotten during the real estate boom. Many homeowners are trying to deal with the fact that their home’s value may be lower than the purchase cost.

As property values have gone down, so too have new home starts. The number of foreclosed homes available has flooded the market with available homes that are inexpensive as banks and other lenders are willing to let these homes go for considerably below their worth. With housing values going down, a lot of buyers are seeing an opportunity to get into the housing market and go hunting for a deal.

With real estate prices going down, affordability has become more important than ever. If consumer were sharp and had laid aside a substantial sum of money to put down as a down payment, they can probably get financing provided they have a good credit score. While banks might be falling over, there are plenty of other institutions and federal entities that are lending to qualified buyers.

Homeowners who were considering putting their house on the market are thinking twice about doing so considering the reduced housing values right now. They also realize that they may not get their asking price, but substantially below that. The current real estate market is clearly not a good time to sell, unless you have to because of financial trouble.

The low property values coupled with the record count of foreclosures, bad new housing start statistics and sluggish home sales spells out a dark picture for the real estate market. While low property values are not a good omen for the economy as a whole, they do deliver an opportunity for individuals who can actually buy a house in these times. With property values so low right now, bargain hunters are sure to find something that they like, provided they can get financing and are prepared to put down a large down payment.