Good points rustico. What people don't get is that sure housing may be down 10-20% over the next few years but interest rates will be up couple percent so what happens? A complete wash. The decrease people will expect for their monthly payments due to a cheaper home won't happen because the higher interest rates will bring the payments back up.

Yes, the clock is ticking. The issues that I see is that is that even though home prices are falling,inflation is creeping up pretty fast (despite what the gov is telling you). Also, mortgage rates aren't going to stay this low, especially when gov starts to tighten…That and the dollar keeps falling. So i think the idea of just "saving" to buy a home in the future might have issues unless you're also actively trying to keep your saved dollars above inflation and the dollar's decline.