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Do a lot of research on the markets you're considering. How hard was it hit after the housing bubble gave way? How has the market recovered? What kind of space do you need? What is the quality of schools nearby (even for singles - really consider this. It's a major factor in home value)? Do you have the skills and cash necessary to settle on a fixer-upper? What interest rate do you qualify for? Fixed rate? 15- or 30-year loan? How long do you expect to hold on to the house? If you got orders, would you sell or rent? Are you willing to satisfy youwants now, even if you risk a loss later?

It can work out for you with time and research. I built my first home in 2000, neat Scott. Sold in 2004 for a profit of 60k after fees (profits are tax exempt if it's your primary residence and you've had the home for a while - very good deal). Built a home near Goodfellow in 2004, sold it in 2009 for a profit of 40k tax free. Built a home in 2009 near DC, if I sold it today I'd break even. I plan on holding on to it for a while and sell when the market has fully recovered.

Research you finance options at bankrate and check with USAA and local credit unions. Check market info through Trulia, Redfin, and Zillow. Redfin has great forums where you can find analysis and ask questions. Research foreclosures through Realtytrac. If you go this route or shortsales, realize that this takes far much more time and patience. The banks and sellers can both jerk you around. Some find the savings worth it in the long run.