There are neighborhoods in Austin where this would have been bad news a few years ago, but now are improving rapidly.

http://www.azcentral.com/news/articles/2011/08/28/20110828az-real-estate-market-confusion.html

As well, i think it's very detrimental to heed the words of any talking head on any of the national news outlets.  

Further, I would check out meet-up.com for news on local REI meet-ups. 

The good news is that mortgage approvals are getting simpler.In addition to reducing their loan approval standards, mortgage lenders have recently lowered minimum credit score requirements, made concessions for self-employed income, and granted leniency on loans which "make sense".Furthermore, there are more low- and no-down payment loans available than during any period this decade.In addition to the Conventional 97 program and HomeReady™ programs, which are backed by Fannie Mae and require just 3% down, demand for the FHA 96.5% LTV program is high, as are requests for "piggyback loans".There are also the VA and USDA loan programs -- both of which allow 100% financing."

Thanks everyone, Just got some news, yesterday.I was going through the refi process with quicken loans (@Eugene Kemp), i worked with them for the past 3 weeks completing the process, i paid for the appraisal, an inspection, and did everything else they asked me to do.

This is awesome news I'm also in the military and have been hesitant about buying deals with a high tempo.

The good news is once you have 6-7 properties some of your 1st properties will have some equity you can cash out if it makes sense so you can keep going.I got to 8 conventional loans before moving to a local bank and am getting 15 yr fixed rate loans at 4.5% and the banks lends to my LLC. 

Send mailers to employees who have been laid off (ie “corporate downsizing” in the news) 37.

I've found so many in the Hampton, Newport news, Williamsburg area