With the ongoing recession, many consumers are looking to take advantage of lower home prices and interest rates. A recent study shows one in every 3 houses diagonally the countries are either foreclosure or bank-owned property. We want home buyers to make wise decisions and prevent the option of their own housing crisis So before making such a big purchase, here are several good tips.

But that doesn't mean it's the right time for you. First make sure you can afford to buy a home. "Make sure that you don't have credit problems because credit scores now have become more important all of the lenders say now that everything revolves around credit scores.

Then choose what type of home you want. Whether it be a pool or three bathrooms, a organized home buyer will have sorted out the must haves from would likes. And decided the area they'd like to move to.

Locations you can change a lot of things about a home. But you can't change your location.

But be realistic about maintenance and home owner's organization costs. Some can cost anywhere from a pair hundred to a thousand dollars each year.

Once you've done all the research, you'll save time by congregation bank information, income statements for the past two years and any information about debts.

With the number of local foreclosures on the rise, it may seem like a steal. But sometimes foreclosures can be great deals; they are often misconceptions to buyers.