[GDSOB]

Let me know when we hit the bottom of the market so I can buy low too...

Seriously, if you are looking for a place to live, you probably already know what you want to buy, even if you can't afford to get in right now. You might want to do what investors used to have to do: "find a deal". As the market softens there will be alot of "don't wanters" who need/want to get out.

Find a neighborhood were you want to be and get the word out that you want to rent/lease/or land contract with intent to buy. Study up on creative financing. Learn how lease options/ land contacts/ subject to mortgages work. You know how much you can afford on a monthly payment, a lot of owners will want that for their vacant property that they can't sell. You have immediate cash flow to offer them. I bet you can find several "investors" begging to get out in a down market. Once you are in a property for a year than you can refinance into your name, eliminating the downpayment and hopefully getting a good rate.

I'd only suggest this for the longer term deals, but these methods work well if you know what you are doing. Structure it right and you will get the tax advantages of ownership too. Sorry about the brief answer - don't have much time today.