I'm living in south florida and the prices have dropped already tremendously. Including everything in my neighborhood unfortunately. I had a boss that once told me when you try to buy at the least price possible, you'll probably wait to long and when you try to sell that the pinnacle you'll probably overshot your target. Do your research make sure your market isnt dropping at a major pace still. Make sure you can hold on to it for a while and improve the property. The markets will go back up just not tommorow.

It really depends on the area. New developing neighborhoods could be gaining in value while other neighborhoods can be dropping in value dramatically. You can find foreclosures for a pretty steep discount too since they are happening all across our nation.