Reports today that housing prices could go down another 10 percent to 25 percent. I'm just not that bearish. I could be wrong but there is a great case for buying a house now.

First off, housing is cheap. Prices have already fallen more than 30 percent nationally, and much more in cities like Las Vegas and Phoenix. That means homes are on the markdown table - and that means opportunity.

Even better, interest rates are at lows. The average 30-year mortgage rate, according to Bankrate.com, is 4.46 percent. A 15-year mortgage is just 3.64 percent. This is an unbelievably good rate and with all the stimulus the federal government has pumped into the economy, it's not likely to last forever.

Here's an example of how much money you could save now by buying: Let's compare a house bought in 2006 when the median price was $221,900 and average mortgage interest rates were 6.41 percent. You'd have a monthly mortgage of $1390.

A median-priced home today is $133,500. Rates have fallen, too, to 4.46 percent, for a monthly mortgage of just $825. The difference is $564 a month or $6,800 a year. The difference in the total costs of the two loans over 30 years - interest and principle combined -- $203,002 - or enough to send the kids to college and buy a second home.

My advice: Be a contrarian!