If home ownership is on your list of financial goals, your ears have very likely perked to the odds that are in your favor right now.

In the metro area and in most parts of the country, home prices are still down, although we’re starting to see a slow turnaround. Interest rates on mortgages are near record lows. The  average rate on a 30-year fixed home loan was just 5.04% last week.

And, if you’re a first-time homebuyer, you’ll see a nice tax credit come your way if you seal the deal before Dec. 1, due to the economic stimulus plan. It credits you with 10% of the purchase price, up to $8,000 ($4,000 if you’re married but file a separate tax return from your spouse).

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