Matt, I own a good bit of real estate and did want to throw in my 2¢ worth. If your intention is to buy a house at a good price, fix it up, hold on to it for awhile then sell after the market picks up, OK. But, if your intention is to buy and flip in a short period this is not the time. One of the main reasons the market is in such bad shape (besides the variable rate mortgages) is due to people that wanted to flip properties while the market was hot and got in too late. They are stuck with properties that are probably worth less than their "deal" and they will have to hold them much longer than ever anticipated or dump them at a loss.
Parts of the country are doing better than others, but overall it probably won't be until 2009 that the market starts moving back.
