The Federal Housing Finance Agency released new figures on housing prices. This quarterly analysis looks at home sale prices based on data obtained from Fannie Mae and Freddie Mac for mortgages originated over the past 35 years. More at Idaho FHA. The report shows that home prices are down 3.1% compared to last year in the first quarter of 2010 nationwide. While this can be considered discouraging to some, it also highlights where the best opportunities are for home buyers. If you are looking to buy a home, you may want to explore these 5 states to find house prices lower than they have been in the past:1. Arizona - Home prices may be down 13% in the Grand Canyon State, but there are a lot of other great things that this state has going for it. The weather is beautiful and the state offers diverse living options. If you are young and looking for a hip, urban environment, check out Tempe - home of Arizona State University. If you are looking for a more rural setting but still want the convenience of being near the city, look for homes in Casa Grande, referred to as "The Heart of Arizona".2. Nevada - This state is a lot more than the bright lights of Las Vegas. Nevada also offers the second-lowest total tax burden (state and local taxes) in the nation. And with home prices down 12.1%, it may offer your next home at a low price, too.3. Idaho - Technology firms like Hewlett Packard and Micron set up shop in Boise, and if you're looking for a career in technology but also want to enjoy a rustic quality of life, Idaho may be for you. And with house prices down 11.5% from this time last year, it may be easier for you to find a bargain.4. Michigan - I can't say enough about my home state! We're America's high five! I can personally attest to the deals you can find on homes here, but you don't have to take my word for it. The FHFA numbers show they are down 8.9%. However there are a lot of great opportunities for artists looking for cheap studio space, filmmakers and young entrepreneurs. Northern Michigan is beautiful and folks on the west side of the state enjoy living near the world's largest freshwater dunes.5. Utah - If you love to ski, you can't beat Utah. And with housing prices down 8.9% you may not be able to beat the deals you can find here either. Utah is also a great place to live. The cities of Ogden-Clearfield & Provo-Orem were featured in the number 2 & 3 spots on the Forbes.com Most Livable Cities list.Falling house prices can provide great opportunities for those looking to buy their first home or relocate. The fact that mortgage rates are the lowest they've been in 50 years also helps sweeten the deal. Do your research and make sure you are ready to move before you take the leap. But act quickly, interest rates for home loans are not likely to stay this low forever. For details, try this website.