As for when its a good time to buy a house? I dont think there is ever a “good time” to buy a house. There are good opportunities to buy a house at all points in time and the key is finding them.

I bought my 1st property in SD county in 1997 very close to the last bottom. It did not feel like a good time to buy and it felt like I was paying a huge sum for what I got. In hindsight it was a good decision but at the time it did not feel like we got a deal.