First Time Home Buyers - is 2009 the year for you to get in ?

First Time Home Buyers
We know the story behind depressing real estate market, in every market correction there are significant oppurtunties for tremendous wealth to be made, may it be stock or real estate, commodities, precious metals etc.
Gold is a classic example i beleive when i came to this country we started buying an ounce of gold for 300+ dollars, following our hindu tradition we have been buying it every year during the auspicious buying occasion till this year at 936$ an ounce.
Every correction of a market presents great oppurtunities
So turning to real estate -
First time home buyers have the best time to enter
1- Active markets are having prices stabilized
2- Tax incentives still available
3 - Interest rates are around Low 5% even though it has shot from 4.5 to 5+ i forsee it coming down in in the 3-6 month period
4- Fall of 2009 is going to present some strong buying oppurtunities for first time home buyers
5 - Short sale inventory is selling fairly very quickly in market now
6 - Foreclosures are being picked up by investors very very quickly
Generally this is a good sign for the market to turn a corner
Now looking at DC metro market the overall activity has picked up
Open houses are attracting crowds, New house in the market - priced right attracts about 10-20 visitors in first 2 weeks, Contracts in about 30 to 60 days
Generally these are good indicators for people who are on the fence to get into the market
Now if you are going to ask me the prediction question, will the prices go up 10% a year
My cautious answer is going to be may be not
I forsee year 1 - 2010 to get around 3-6% growth, Year 2 -2011 around 4-5% growth
Generally the indicators in the economy has not changed a lot so getting double digit price growths is not looking to be true in my view
What is the RISK ????
I see lenders still giving FHA financing at 97% ltv 3% down, but protection gurantee via a FHA insurance for whcih the buyer pays fees upfront,
This to me does not sound or feel right, i dont get why banks like Wells or BAC is going in to this business, but this time the stop loss they have is the FHA insurance
Sitll a risk IMO
Post your thoughts