I understand what you are saying, things are a little different over here than in GA. Over here in Southern California, prices have gone up so much to the point where homes in less desireable areas like South Central LA or something went for $300,000.

Prices for homes that were/sold worth $1 million back in 2007 have fallen nearly 30% since. If looking at prices in that sense, then yes there are plenty of good deals. True that rates are historically low, but the what the government is doing trying to keeping home values artificially high, rather than let the market decide for itself what a home is worth. Listing prices might not have increased but most sellers will not sell for less than list. That being said, if you have no problem sitting on a home for a few years then now might be a good time to buy due to the amount of inventory available. People would rather let their home get foreclosed on rather than take a loss, all that has to stop.

btw b-line, if you're looking for more data on that home you are interested in, you can take a look at redfin.com or trulia.com for stuff that you won't see on mls.