One year will place us at about month 14, just after the first peak (data starts January). You might get a decent deal here.. but look at the oncoming peak of neg-ams. I worry about these more, because the holders are already under water because of the loan. They were betting on appreciation.
Evaluate how badly you need to get a house. I would recommend holding out for a bit.. This looks like it will get bloody. How bloody depends upon how the fed acts and what they do. Make sure that when/if purchasing, you leave enough spare cash for yourself for emergencies, temp job loss, etc. An HELOC will probably not be able to bail you out in an emergency right now.
