We are of course assuming the banks will let go of our Bailout Money.....I've heard you need to do cartwheels and triple flips to get them to loan it out....plus 20% down.
I wouldn't buy new at all. The house down the street from me had to be condemned because of the dry wall from China. Black stuff was oozing out of the holes cut for electric plugs and switchplates plus air ducts. The builder wouldn't make it good, Home Depot wouldn't make it good, they tried to get the bank to stop paying the builder etc and was finally told they had to sue the manufacturer in China. They had to walk away from it and declare bankruptcy. The bank finally brought in a haz-mat team to tear out all the drywall and insulation, then contractor had to re-do it. It's for sale now. Betcha it won't come cheap.