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I bought an investment property (long-term fixer and flip) last June. Purchase price was roughly equal to land price. If market prices decline by 20% over the next few years, I'll still make decent money. If prices stay flat to down, I'll do really good.

For pure cash-flow investments, finger is on trigger, but I'm still waiting. The rental market has not turned strongly positive, and foreclosure pricing is still under pressure. Homebuilders, contractors, and suppliers are visibly shaken, but buyers are still making deals. When buyers start to waver, my master plan will be enacted.

As always, the quick flips present the greatest risk. Quality buy-and-holds, with the right numbers, just can't be beat. Give me long-term RE investments over the stock market any day.