Lots of analysts are still in denial. I think the white house is trying to delay it, keeping optimism high by spinning it positive until the next administration comes in.
If not now then soon. I'm sure it's going to be very specific to the local areas. My brother-in-law just bought a house in the Wash D.C. area that was about to go into foreclosure for 429k. In June of 2005 they were selling for almost $1 million. Prices are coming back to a range that allows you to rent them out for break even or a small profit depending on how much you put down.
I'd personally like to see them overreact to the downside the way they did to the upside before I buy.
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