Unscrambling the debt mes

Chris Erickson said falling home prices and mortgage rates have convinced him it's the right time to buy.

The way the market is going is good for me, said Erickson, 28, who figures, with his $50,000 income as a maintenance worker for the city of Lake Elsinore, he could buy a house that cost as much as $250,000. He has been attending auctions of houses repossessed by lenders. But so far, he said, the houses he's liked have been bid up beyond his limit.

Real estate agents and builders say they are seeing more entry-level buyers like Erickson venture back into the housing market, hoping for deals. But many find they are still priced out, even though less than a decade ago, their incomes would have qualified them to become homeowners.

. read more