Good Time to Look for a Second Home?

Though the housing downturn is straining many people, this might actually be good news for buyers -- particularly those looking for a vacation home, condo or a home in the center of the country, some experts say.

Home prices fell 4.5% from a year earlier in the third quarter, marking their sharpest decline in the 20 years since Standard & Poor's began tracking prices through its S&P/Case-Shiller® Home Price Index.

All 20 of the top metro areas tracked by the index saw declines in September over August, including the five metro areas that still have positive annual growth rates (Atlanta, Charlotte, N.C., Dallas, Portland, Ore., and Seattle).

Tampa and Miami saw the greatest year-over-year home-price declines at 11.1% and 10%, respectively. Detroit and San Diego followed with a 9.6% decline each and Las Vegas had a 9.0% drop, its lowest recorded annual decline to date. ...