Costly buyer mistakes in a down market

With plenty of homes on the market, prices falling and mortgage rates down, it appears to be a plum time for house hunters. But even in a buyer's market, buyers can make expensive goofs, writes Linda Stern of The Boston Globe.

Know your local market, Ms. Stern counsels. While there are bargains to be had, it's not smart to buy on the cheap if prices in your area are still falling. For instance, now might not be the time to make a purchase in Rust Belt cities like Cleveland and Rochester, N.Y., where more price corrections may be on the way. But buying a beach house now while buyers are looking to unload their properties before spring may be a good move, she says.  More...