Lenders are finally starting to extend credit again, and sensible families capable of producing reasonable down payments are, for the most part, finally getting the green-light to purchase a new home. And, with interest at reasonably low rates, the time may once again be right to buy. But, with so many buyers still in a state of shell shock, here are a few things we should all learn from the recent housing bubble as we wade back into the purchasing process:

Make a long term housing commitment. This is not the time for a real estate “flip”. There's still plenty of shell shock in the housing market and no one knows for sure when prices will spring back, so if you're planning to buy a home this year, plan on living there for the long haul (or at least 10 years).

Don’t borrow more than you can afford. No matter what the lender says you can finance. And if you don’t believe me, check out the current foreclosure rates. In layman’s terms - live within your budget. And, follow the three C's of old-school lending - credit, capacity and collateral. Remember the safe mortgage on a home should be no more than three times your annual family income.

Pay special attention to districts with good schools. High teacher-student ratios and graduation rates are among the hallmarks of a good district. You may not have school age children, but when it comes time to sell, you'll find that a strong school system, such as CFISD in Cypress Creek Lakes, is a key advantage in helping your home maintain or increase its value.

By learning from the poor lending practices or our past we can making smart housing decisions in the future and begin to rebuild the stability of the America real estate market.