mixx your decision really depends on the area you are looking at. If you think that there is not room for depreciation in the more desireable areas passed the summer of 09, I would have to disagree with you. How much can they still decline is the tough question. How long can they still decline? Well look no farther then Japan for an example of a long painful ride down.
If you are thinking of buying in a more modest neighborhood that has already had major declines then you may be in the correct timeframe to at least soak up alot of the risk involved.
If you are considering out of state, of which is not a bad idea at all then look no further then the economy local to that region. A state like Texas has a very robust economy compared to most every other state. Some areas in the southeast are not bad either. I suppose it would strongly depend on the profession you are in.
