Need further proof that now is a great time to buy? On top of the new $8,000 tax credit for first-time homebuyers, the following article illustrates the tax benefits buyers stand to gain if they take advantage of the current market opportunities. 
(Thanks to Keller Williams' weekly agent newsletter for this:)
The Tax Benefits of Homeownership
By Robert D. Dietz, Ph.D.
There are three major tax benefits for homeowners: deductibility of mortgage interest, deductibility of real estate taxes, and the capital gain tax exclusion for principal residences. Taken together, these benefits significantly reduce the cost of homeownership. Read the article here.