I have been asked a lot as to when the best time to buy real estate is. There is no one answer to that question as each situation is different, some people have to buy for tax reasons, some for a job relocation, some for investment. It's best to take your own circumstances into account in your decision making process.
Generally I think home prices will still drop for some time, there are too many homes for sale at the moment and a lot of foreclosures. It will take longer in hard hit states like California, Florida, Arizona and Nevada for that supply to work it's way through the system.
No one can say exactly when prices will stop dropping or when the bottom has been hit, just keep a watch on the supply on the market, when it drops, prices will probably start to increase quickly. You see, there is very little in the way of new construction going on at the moment and at some point demand will increase and there will be a gap, new homes just aren't built in a day.
Avoid forcing things and be patient and make your decision based on what you want and need, avoid getting caught up in any hoopla, about making vast fortunes.
