What else should you wait for? I think the foreclosure crisis will have much more immediate consequences than the inflation you anticipate....especially inflation in the housing market.
Banks have been holding back on foreclosure petitions while they establish these new procedures, so there's a backlog of severely delinquent loans where foreclosure proceedings haven't been intitiated yet. This has created some misleading statistics and optimism about lower foreclosure rates, while the number of severely delinquent loans has remained very high: http://blogs.wsj.com/developments/2011/05/20/foreclosures-vs-delinquencies-its-all-about-the-courts/
In "judicial states", I think there is a significant risk of continued downward pressure housing prices that could take a few more years to find a bottom......and I just don't think inflation is going to affect real estate that quickly when there's no buyers to drive the demand side of the equation.....and while they're being squeezed by inflation in other aspects of their finances.