The collapse of the housing market in 2008 has had a devastating impact on individual families and the economy as a whole. Outside of the wave of foreclosures there has also been a significant decrease in property value which has sapped the wealth of millions of homeowners. The other side of that coin however has been the resulting low home prices and historically low interest rates that are the direct result of the bubble.

If you are looking to buy a home 2012 may be an excellent time to buy as there are several cities across the country where you can buy a home for less than $150,000 with an extremely low interest rate. The combination of low interest rates and low home prices mean that many people can afford to buy a home even with a salary as low as $20,000 a year.