get the house for many reasons. With current banking situation you will need more than a little bit for a down payment for a house so if you have the cash and means to do it now then go for it. Also now is a great time to buy a house and as a bonus you are first time buyer so you don't have to sell your current house while upside down. In a few years the market for real estate may recover a little bit. With a big camaro payment will you still qualify to buy a house ? If you have great income maybe so but then again if you have great income it wouldn't be an either or question just buy both.
Also your mortgage is tax deductible, this is a huge benefit of owning a house as opposed to renting.
Buy the house, then get a camaro. It's far easier to qualify for a car loan than a house loan, and if you own a house then getting a car loan is a snap. But for a first time home owner they will be really strict about your income/debt ratio. This was true a couple years ago before the collapse when a guy working drive thru at McDonals could instantly quality for a million dollar home in LA, but post collapse things have changed.