Matthew said it best. The market will probably continue losing value for a little longer before eventually stabilizing. Then after a period, it will begin to move forward again. Each area will be a little different as even now some places in the country are experiencing increased values while ares like Fresno CA are feeling a higher drop in prices and are expecting a greater number of foreclosures than other cities.

Depending on your needs and what you find, you might want to extend your search for the best deal over a few months or a little longer unless something great comes along. The market isn’t going to turn around over night and so there is very little risk that you will miss out on the “rock bottom” prices. But if you are needing financing, you might want to keep an eye on rates.