The latest articles, indicators and surveys are reporting that in many places real estate has actually begun to bottom out and in fact is even nudging back up in some rare cases.

Your right when you say it is very location specific in regards to rising and falling or stable markets, Springfield Oregon actually is still appreciating at 5-6% annually while states like Florida have lost 30% on average over the last year in certain areas.

California due to demand remaining strong has leveled off after a sharp downswing while Detroit on the other hand has no bottom in site!

The Mid Eastern states , Carolina's, Tenn, Georgia are gaining new residents in great numbers as well with relatively solid markets in the better areas.

It really does depend on your local economic base right down to cities effected by new business, Military bases and contractors, oil rich states, overseas shipping ports, aircraft manufacturers etc...

Generally speaking I personally believe we are at or very near the bottom in a majority of the states that have been in free-fall as of late.

Inventories however are at 8 months for single family homes and that says things aren't expected to sell within 8 months of being put on the market at fair market Values. You have to buy at 40% discounts if you intend on reselling anytime within the next 2 years.

I guess we could go on and on here, where are you located and what are you looking at buying into product wise?