Online House Hunting - Hi i wanna Buy a home right now in Florida I put 40 K for dowp for a 200k house is a good desition buy now?

Hi i wanna Buy a home right now in Florida I put 40 K for dowp for a 200k house is a good desition buy now?

buy now in this situation??

No not in florida.
Yes, it is a buyer's market. Prices will continue to go down for the next year at least but since you have a good downpayment you should go ahead and buy the house. Also, the interest rates are low, there is a chance of the interest rates going up so it is always a gamble to try to "time" the market. If you are going to be stretching to afford the house then you should wait a little for the prices to go down. You should only ask people who specialize in the area that you are considering. Prices for homes in cities next to each other can vary in how the market is affecting the prices.
I don't think the housing market has hit rock bottom in floridia as of yet. If recall correctly housing prices dropped 6% in 2006, and 13% in 2007. Though the subprime fallout is not over yet. Alos, If a national recession does hit, which they seem to be getting more exposure on the news, i would imagine it would continue the downward trend. However, today is probably still a good time buy, if not the best. The recent 125 base cut to prime rate should help as well with interest rates. The link below has more info on housing states for december 2007, from the florida association of realtors http://www.prnewswire.com/cgi-bin/stories.pl?ACCT=ind_focus.story&STORY=/www/story/01-24-2008/0004742393&EDATE=THU+Jan+24+2008,+11:05+AM