I think when we look back at this time period, we will discover that this is when prices ""bottomed"" out!
Granted, there is lots of inventory, but owners panicking and lowering prices doesn't seem to be happening - instead some owners of fpormerly overpriced homes are bringing their prices into alignment with the other homes in inventory.
Would I recommend buying now and hoping to flip? No!, but if you are looking for a property at rock bottom prices, with decent interest rates and looking forward to ""normal"" appreciation over the next few years - BUY NOW!!!