Home values in the 20 largest metropolitan areas located throughout the United States fell at the fastest annual rate ever (19.1 percent) in the first quarter of 2009, according to the latest Standard & Poor’s Case-Shiller Home Price Index.

All told, home prices have dipped 32.2 percent since the peak of the market in the second quarter of 2006.

The good news for homeowners is that the report indicates that month-to-month declines have continued to slow down; however, there is still no sign that the market has hit rock bottom. In fact, Phoenix, Ariz., Las Vegas, Nevada, and San Francisco, Calif., “all recorded declines of more than 30 percent.”

On the flip side, Charlotte, N.C., and Denver, Colo., each “edged up” 1 percent from Feb. to March 2009.

So what’s it all mean for you?

Well, first-time buyers and investors alike are able to take advantage of the best home prices to come around in years. And it appears that they are doing just that with foreclosure-related purchases accounting for nearly half of all recent real estate transactions.

Searching for homes on Foreclosure.com these days is like choosing from discounts on already discounted prices … it’s unbelievable. But as we’ve been telling you all along … this situation, which also includes a $8,000 government-sponsored tax credit until Dec. 1, 2009, will not last forever.

Check out all the hottest foreclosure deals in your area today before it’s too late. Click here.

It doesn’t matter where you want to settle and grow roots or invest in real estate — foreclosures are scattered throughout the United States and ripe for the picking. Finding the one that is right for you, however, is the true challenge.

Just because a property is termed a “foreclosure” doesn’t mean it’s the best deal available. On the contrary, there are some bank-owned listings out there right now that should not be considered deals because, when compared to the rest of the inventory out on the market, they simply don’t stack up.

So what makes a great real estate deal?

That important question is one that we answer in detail in our May 2009 edition of “Investment Exchange,” which we have dubbed “Prospecting for Great Deals.” Remember that “Investment Exchange” is a FREE resource that Foreclosure.com provides its site visitors.

To check out “Prospecting for Great Deals” today be sure to click here.

It sounds tired and cliché, but the tried and true adage of “location, location, location” still rings true today. Indeed, if you’re going to get into the foreclosure game, you’ve got to do your homework and buy smart.

Of course, a killer location is meaningless in terms of profit margin if you overpay. So you have to price it right and find a below-market deal, as well as finance your purchase on the cheap if and when possible.

How exactly do you do that? We tell you all about it and more in “Prospecting for Great Deals” right here.

Now more than ever, achieving the the American Dream at half the cost is a very real possibility. There has never been an easier, more exciting and lower risk time to buy. But these conditions can’t last forever … the time to act is NOW!

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Potential foreclosure buyers in California and Arizona, as well as the Washington, D.C., and Minneapolis-St. Paul metropolitan areas, may run into some friendly competition when submitting their offers, according to a recent report in the Wall Street Journal.

It appears that super low housing prices and high demand for properties in these desirable areas, among other favorable conditions, are driving deal seekers out of the woodwork and to the closing table.

The article explains:

“Bidding wars — common during the housing boom — had all but disappeared soon after the market peaked about three years ago. Even now, they remain the exception rather than the rule … there is still a glut of homes available in most markets. But the glut has shrunk, and some areas are running into shortages of moderately priced homes in middle-class neighborhoods.”

Smart buyers who have sat on the sidelines, waiting for the market to “bottom out,” are clearly beginning to make their moves. However, it may be a case of too little too late in hot markets like those mentioned above and others located throughout the United States.

Keep in mind that despite the “doom and gloom” that you may see on the nightly news does not often provide the clearest picture of the current real estate market. Is it the best it has ever been? Clearly, no. But it also hasn’t shut down entirely — buyers are out there and homes are selling.

Clearly, some places are going to improve faster than others, but the lesson here is not to assume that you can just saunter out and buy any home you want, whenever you want, at half the price because there is no demand.

On the contrary, the opportunities for buying homes right now are the best they have been in a very long time and most people understand that the window is going to start closing … sooner rather than later, depending on the zip code.

Palm Beach County, Fla., has been hit hard with a wave of foreclosures, registering nearly 2,500 active foreclosures on its books in April 2009, according to our most recent statistics.

It’s naturally had a significant negative impact on several neighborhoods, which are already struggling to maintain the highest possible property values because of the massive collective dip in home prices that has gripped the entire South Florida region.

As if the growing foreclosure situation and declining home values weren’t enough to handle, vandals and squatters who are often drawn to vacant homes are exacerbating the situation. Indeed, broken windows and the like have forced the county commissioners to take matters into their own hands.

Here’s a snip from Barbara Alterman, head of the county’s planning, zoning and building department, according to a Palm Beach Post article:

“There is a lot of vandalism going on. It is maintaining the neighborhood by allowing them to board up when there is vandalism. It is helping the neighborhood by keeping vandals out.”

Boarded up and shuttered homes are certainly not going to help banks move their inventories any quicker — it’s not the most eye-catching/appealing marketing tactic. These properties also won’t help raise the values of the inhabited homes on the block.

However, it will help preserve the homes until new owners move in, and perhaps more important for you, it could help you get into a very nice home at a price that you can afford. In short, it’s not an ideal solution, but one that you could use to your advantage if you are in the market for a real steal.

To check out the latest foreclosure and other distressed real estate listings in the Palm Beach County, Fla., area visit Foreclosure.com today right here.

First-time homebuyers are still taking advantage of the unbelievable real estate market conditions, pushing sales up 3.2 percent to 84.6 on the Pending Home Sales Index in March 2009, according to the National Association of Realtors®.

It’s 2.6 points higher on the index than in Feb. 2009 (82) and 1.1 percent more than March 2008 (83.7).

Lawrence Yun, NAR chief economist, had this to say about the latest progress:

“This increase could be the leading edge of first-time buyers responding to very favorable affordability conditions and an $8,000 tax credit, which increases buying power even more in areas where special programs allow buyers to use it as a down payment. We need several months of sustained growth to demonstrate a recovery in housing, which is necessary for the overall economy to turn around.”

Remember that the $8,000 tax credit for first time homebuyers is only available until Dec. 1, 2009. And with the market showing signs of life there is no telling how long the record-low home prices and interest rates will remain at their current levels.

Put simply, now is the time to cracking on your home search before it’s to late.

Head over to Foreclosure.com today to see what deals are available in your area at rock-bottom prices. We offer the best listings in the nation and give you total access to our massive database for seven days free with no strings attached.

So what are you waiting for? Click here.