The drumbeat from the housing community was loud and clear in 2010: There was never a better time to buy a home.

For  most of the past 12 months, home prices tumbled, mortgage rates ticked  downward, and the inventory of available traditional and distressed  homes was plentiful.

But would-be buyers, even if they were able  to overcome job worries, found that the hurdles to obtain a loan were  formidable. They remained on the sidelines, and housing analysts opined  that if the broader economy improved and unemployment fell, pent-up  demand would be unleashed, credit guidelines would ease and home sales  would improve.

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