[quote=dd123]Thank You Guys,.

With an annual income of ~140K/year with a family of 4 ( 2 kids-> 3 yr and 6 yr ), I feel I am totally priced out of market here.
Primarily looking for a 1500 sqft/3 BR house with decent yard in a good/decent school district.

I don’t see prices going down anytime soon and buying a foreclosed property seems my way out if it is possible[/quote]

Waiting it out is the best thing you can do right now. I just sold a house I bought in 2003 for a profit and am renting – voluntarily.

Japan Iwato and Heisei stock and housing bubbles – How the U.S. is following in the path of Japan. Real estate lost decade, technology stock market bust, quantitative easing, and mania inducing monetary policy.