The most recent S&P Case-Shiller home-price index showed a continued decline in home prices. Prices dropped 7.5 percent in the last quarter alone, and they dropped a whopping 19.1 percent from a year ago. This is the biggest drop the report has seen since its first report 21 years ago. For home sellers, this information seems very unfortunate. For home buyers, this may just be what you were waiting for.

With houses being sold 9 percent below their normal market value, home buyers are purchasing great homes for a fraction of what they’re worth. With so many foreclosures and short sales, home sales have recently seen an increase due to this affordability.

With such affordable homes, is now the time for home buyers or renters to purchase a new home? Some buyers are choosing to wait and see how low the prices can plummet.

According to a CNNMoney.com article, economist Mark Zandi, the founder of Moody’s Economy.com, said he’s optimistic that prices will stop falling this summer or fall. Yet according to a Wall Street Journal blog, Paul Dales, a U.S. economist for Capital Economics, said he expects prices to decline another 5 to 10 percent.

The truth is, no one knows what will happen in the future. Home prices may continue to fall, or they may increase in the near future. What we do know is that houses are below market value right now, and you can score an exceptional house for quite a bargain. Check out www.BuyOwner.com and see if the home of your dreams is within reach.