Think your vacation is coming to an end? Not so fast! Now, more than ever, that dream home you never imagined you could afford has suddenly become drastically attainable.

U.S. home values continue to favor the buyer, declining 11.6 percent since February 2008 and falling 17.5 percent since the market peaked in 2006. In the South and Southeast specifically, prices since last year were lower by 7.4 percent. Despite the daunting state of the economy, and with "distressed properties" (foreclosed properties and short sales) popping up all over the map, the seller's woes are most definitely working to the buyer's benefit.

"Buyers are fighting over deeply discounted prices associated with distressed properties," says Lawrence Yun, Chief Economist for the National Association of Realtors. However, buyers aren't only striking it rich from distressed properties alone. Yun argues that in both distressed and non-distressed sales, "prices and interest rates are reasonable, and housing opportunities have become quite attractive."

Yet another incentive to snatch up that dream home lies in the recently passed American Recovery and Reinvestment Act of 2009. This bill granted an $8,000 tax credit to first-time home buyers for the purchase of a principal residence through December 1, 2009, urging those would-be buyers to jump on the bandwagon.

For those who have been dreaming about buying a second home for years, experts say now is the time to go for it. "In many vacation markets, you can pick up a beach condo or a mountain cabin at a decent price. In some markets, homes are back to 2000 prices," says Christine Karpinski, director of Owner Community for HomeAway.com.

So, whether you're looking for a unique home away from home or are ready to make that vacation destination a permanent reality, record-low interest rates and a large market favor anybody who is looking to invest.

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