I understand that none of this is truly predictable, so I am asking out of ignorance of past performance.

Obviously, this is prime time to purchase a home, assuming you can get the loan. My question is, if we look at previous downturns, is this the right time or will prices continue to drop?

Part two.. if everyone thinks this economy be suffer for anywhere from 5-10 years, does that translate to low housing prices for that duration or do they operate on different cycles?