In this article from the New York Times, a very strong case is made for buying now.  Simply put, the old wisdom of Buy Low, Sell High applies now more than ever.  We may not be at the bottom of the national real estate cycle.  Unfortunately, we will only know where the bottom is by looking back.  Still it is certain that we are much closer to the bottom than 10 months ago.  None of us should look back on this time with regret.

http://www.nytimes.com/2008/12/06/business/yourmoney/06money.html?_r=2