We aren’t at the bottom. We are far from it time wise. I can’t put a percentage on how much further we will drop but I would say taking on a large amount of debt and locking yourself into a community probably isn’t the safest bet right now.
Think of all the things that are unknowns that are starting to surface right now:
Energy, food, job market, interest rates, gas, etc. By getting into the housing market and buying a home you are locking yourself into an area and home. Not to mention a large amount of debt. I think it is safe to assume that even if you got a good deal your ability to sell your new home in the next few years will be very tough.
I think most people get excited about the price drop and their ability to buy a home they have coveted for several years and forget that other variables are changing around them.
