It has been tough going in the housing market lately. We're stuck in a cycle where many homeowners can't sell their current home and then in turn buy a new home. And on top of that, securing a mortgage has gotten harder for many of us.

It's anybody's guess on where the housing market goes from here, but there are a few positives in the current market for buyers -- interest rates remain attractive, there's plenty of homes on the market, and prices continue to drop.

Bob Walters, chief economist at Quicken Loans, tells bankrate.com that today's housing woes present a historic opening for millions of homebuyers.

You can read more about what Walters says in the article on bankrate.com.

If you're thinking of entering the world of homeownership, right now is a great time! Prices are low, mortgage rates are good and the selection of homes on the market is pretty incredible. But for first-time homebuyers, the task of figuring out how much your new home is going to cost you can be intimidating. After all, presumably, this will be the biggest purchase you've made until this point in your life - and the costs can be staggering if you're not ready for them! According to the Federal Housing Administration, your mortgage payments should be no more than 29% of your gross monthly income if you carry some debt, or up to 41% if you have no debt.

Frustrated buyers, we have found a great tool for you! Beatyouthere.com is a real estate website that launched this week with over two million property listings - designed for the homebuyer who wants all of the info! Beatyouthere.com features a unique interactive tool, so that registered users can post comments and review listings, homes they've visited or even realtors that they've worked with. And it makes perfect sense. After all, we check out reviews of restaurants before we eat there, why wouldn't we do our homework on a purchase as major as a home?

Looking for a home that's as eco-chic as you are? Then maybe it's time to head out to Aurora and check out the latest from Bigelow Homes. HomeTown Aurora, an established community in the western Chicago suburb, is making it easier than ever to reduce your family's carbon footprint without sacrificing style. One of the latest additions to HomeTown is the Reserves, a neighborhood within a neighborhood, dedicated to green living.

Mortgage rates have held steady this past week, according to bankrate.com. Overnight in Illinois, average rates on 30-year fixed mortgages in Illinois rose 2 basis points to 5.80 percent.

Click here to read more on mortgage rates in Illinois.

For many of us, this is the perfect time to buy a new home. Interest rates remain low, prices are down and selection couldn't be better.

But are you prepared to buy a new home with the current market conditions? We've got the perfect answer for you.

Yes, it's a buyer's market right now - a fantastic time to buy, whether it's your first home or an investment property. But for every eager buyer, there's a seller doing his/her best to make their property tops on your list. If you're buying new construction - great! You should be in good shape! But if you're looking for a home with history, it's up to you to do your homework before you buy! Check out frontdoor.com's top ten red-flag items before you sign on the dotted line!

Okay, so now that I've got your attention...
If you're looking for a new home in Lincoln Hills, I'm about to make your day! Well, actually William Ryan Homes is, but you can still feel free to thank me! (I prefer dark chocolate...but I digress...) Right now, William Ryan is offering an incredible incentive on it's 2,800 square-foot, 4-bedroom, 2.5 bath Douglas model. Ready for it? It's $96,540 OFF of the purchase price! Which means, you can own it for just $349,990. This home is ready for immediate delivery and comes complete with...

It's a great time to buy, mortgage rates are low, yadayadayada...you've heard it all before and I'll spare you the spiel. But did you know that when you buy a brand new home - as in, from the developer - your bargaining power can get you way more than just a few bucks off the asking price? The thing is, when you buy new it's really hard to negotiate a lower price like you might try to do with a private seller. But what you can do is negotiate in upgrades that would normally cost you an arm and a leg - like granite counter tops, upgraded flooring and gorgeous master baths - for FREE! The current new home market is ripe with fantastic deals like this!

Good news for those looking to buy a new home or refinance a mortgage. According to Freddie Mac, Mortgage rates moved lower this week to their lowest levels in a month. Nationally, 30-year fixed-rate mortgages averagedd 6.01 percent for the week ending May 15th. In the upper Midwest region, that rate was slightly higher -- averaging 6.05 percent.

Read more after the jump ...

In the market for a big, beautiful new home where you can really spread out? The more spacious model homes you look at, the smaller your current home probably feels! Especially if you're in the city, space can be tight. So, until you upgrade to that 3,000 square foot spread in the suburbs, make the most of your space! Adding some color, picking up a few new pieces and re-arranging your old ones can make a small room look a lot bigger! Not to mention, more appealing to a potential buyer.

It's been more than 10 years since HomeTown Aurora, by Bigelow Homes, made it's grand entrance. And ever since, it has been impressing home buyers with it's family-friendly community and amazing homes.

See more after the jump.

The National Association of Realtors' chief economist says home sales and prices should pick up across most of the country in the second half of 2008. But a number of analysts aren't sold on the chief's predictions.

Remember, real estate is local. Just because it's bad in one neighborhood, doesn't mean it's bad everywhere else. So tell us, what is the real estate market like today in your neighborhood?

Whether you're buying or selling a home, I'm sure you've heard that neutral colors sell. For years, experts have pointed out that a house full of beiges and ecrus will allow the buyer to imagine their own furniture, styles and lives in the home - thus, speeding up a sale. But here we are, in the days of HGTV do-it-yourself design and buyers and sellers alike are breaking out of the safe world of black and white and painting a picture of their lives with COLOR!

When buying a new home, don't forget about your property taxes. It's something that can easily be forgotten about in the excitement of buying a new home. But you'll regret that decision later if you do.

So remember, when it comes to looking for a new home, do the research on the amount you'll be paying for property taxes.

Chicago has a very definitive sense of that mid-western down-to-earthness mixed in with the perfect amount of cutting-edge. The city is steeped in history and for the most part, there's an interesting back-story to go along with any neighborhood you happen to find yourself in. The architecture is impressive, the lakefront is a gem and the skyline is in a class of its own. It's like a cleaner, friendlier New York (no offense, Manhattan, I happen to love you too, but it's true). But does Chicago have a true distictive style?