PS - I agree on not buying a new home, expeically in a still developing community. Very hard to sell your used home, when a new home is going up right down the street. Meet with a realtor they will do a better job (not the best, but) in finding a good neighborhood for you.
A lot of the problems with forclusures right now is homebuilders using their own loan companies to get people into their homes. They will tell you pretty much anything to get you to buy one of their homes. This from someone who worked in the mortgate industry before becoming a mommy.