Falling home prices have been in the news for months. That is certainly bad news for those who made their house purchases counting on increasing value to offer a profit at sale, or for those who bought at inflated prices and now own houses that are currently valued at less than their mortgage - which again, really matters only if the home is to be sold. However, for those looking to buy a house now, one to serve as a home, these price trends are a welcome change. Another realm of housing market opportunity lies in foreclosure properties and in properties that are being sold a more reasonable rates to avoid having a foreclosure on the credit history.

In terms of mortgages, despite all the noise to the contrary, there are some excellent opportunities available. And, that's not only for those with unblemished credit, able to fit into the traditional safe mortgage slots. There are bad credit home loan opportunities available to help buyers, as well. According to a recent article in Kiplinger's Personal Finance magazine, the Federal Housing Administration's mortgage-insurance program can help those with a less than pristine credit history to get a mortgage.

The FHA mortgage-insurance program adds a layer of protection for lenders, because if the homeowner does fail to meet the repayment schedule and defaults on the loan, the FHA pays it. The cost of the insurance is paid by the homeowner, as a part of their monthly payment. Because the purpose of the FHA is to promote homeownership, particularly among those who may not be able to work within the confines of more restrictive lending standards, their standards are a bit more flexible.

With that said, it is important to note that recent trends towards more traditional lending standards are not necessarily a bad thing for the average buyer. That's because the traditional 10 percent down is now more within the grasp of a home buyer today, now that prices are settling back into the range of normalcy. Furthermore, tighter lending standards mean that, while lenders are eager to do business and to keep the market moving, they are no longer willing to throw caution to the wind on creative loans based on unverified income or on extending loans without real consideration of whether or not the borrower is truly capable of repaying the loan. In other words, loans are safer not just for the lender, but for the borrower, as well.

While many have suffered losses during the recent housing market correction, the fact of the matter is that the world of business and finance trudges on - homes are sold and loans are made. Those who stayed out of the market or were unable to participate when prices were inflated by the building up of the housing bubble are in a good position to step into the market now that the necessary housing price correction has opened the door.