I have been reading predictions that house prices may drop anywhere from 15% to 50% the next 2 years. In 1987 I bought a 5 year old house for less than 1/2 the original price. It happened once and it can happen again. Get your debt paid off and start saving up your down payment. This could be a great opportunity for first time buyers that are ready.
It is also predicted that rental prices will go up. As people lose their homes to forclosure, more people will be looking for apartments to rent, this can drive up the rents.
Articles on Falling US Home Prices
House prices in some areas may fall as much as 50%
Home price decline to accelerate
How much house can you afford and should you buy that much house? A small home means smaller bills and more money to enjoy your life.
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