The fallout of the housing market downturn has brewed a perfect storm for prospective homebuyers in 2009. There are several factors to consider in today’s market, the combination of which makes now the perfect time to buy a home.

Inventory and sales are both on the rise, with a large number of current closings stemming from low-priced bank-owned and short sale properties that have opened the prospect of home ownership to a larger audience than ever.

Many distressed properties currently on the market are priced at a 40 percent discount. And the presence of these homes on the market, as well as the overall increased supply of standard sales, has brought down prices across the board.

Mortgage interest rates are probably the most attractive component in the current market, having reached their lowest point in history – near 5 percent. And, they are expected to dip even lower over the coming year.