With the distressed real estate market making daily headlines, it is no wonder people are in a panic. Record foreclosures and home price drops have led to this current real estate market. While it may not be a good time to be a seller, this is a buyer’s market for those who are prepared to plunk down a large down payment and who have excellent credit scores.

While no one is one hundred percent secure in this real estate market, the fall in home prices and record foreclosures represent a real opportunity for the buyer who wants to pick up a new home at a rock bottom price. The key will be having a lot of money to put down as a down payment and locking in financing. Getting financing is a tricky proposition these days after the mortgage crisis precipitated the current recession.

In order to take advantage of current real estate market conditions, buyers will have to be savvy and know what they can afford and have their financing lined up. While no one is completely secure in this market, if a buyer has a good credit rating and has saved up enough money to put down a substantial down payment, chances are there are good deals to be found on today’s real estate market.

Yet this deflation period now can actually benefit people who have been planning on buying a new home, particularly people who have saved up a substantial down payment and have good credit. While the overall real estate market may be crippled, it is ripe with opportunity for the right buyers. While Congress seeks to stabilize the foreclosure crisis, this puts many homes on the market at tremendously low prices that are in reach for some buyers.

The housing crisis is very real and its impact is far reaching even beyond the real estate market. Coupled with record unemployment and major downturns in construction, retail and even television networks, we may be facing the worst recession in recent memory. The stimulus package that was recently passed, along with mortgage reform that is under consideration is designed to stave off the lingering effects of last fall’s meltdown and stabilize the markets. Ultimately what will help the economy is an improved real estate market with prices that are stabilized and foreclosures moving downwards. The current real estate market is seeing an average of 9,000 foreclosures per day. That is damaging the economy to the tune of $225,000 per home, since that is the average amount of the mortgage taken out for a home.

Making lemonade when life hands you lemons may be the best lesson of this current real estate market crisis. For sellers, they may have to come to grips with the fact that they may not get their asking price. For buyers on this current real estate market, they can expect to find good deals provided their financial house is in order.