What are you waiting for? This is as good as it gets!

What impact will mortgage money at historic lows have on local real estate markets in a recession with rising unemployment?

Lawrence Yun, chief economist for the National Association of Realtors, has estimated that 500,000 resales could be stimulated by a one point drop in rates like we've just seen.

The reason: He believes that, even with higher unemployment, there is a huge pent up demand to buy houses in many parts of the country -- especially first time purchasers who see prices at 2003 and 2004 levels.

Combine those bargain prices with rock bottom mortgage rates, and the real issue for thousands of potential buyers in the coming months may well be: What are you waiting for? This is about as good as it gets!