I'm hoping within the next year. The foreclosure market is likely to flood in the near future. Once the banks start doing judicial foreclosures and mediations start going through again, there will be a glut of available homes. That should cause prices to go down artificially until the market stabilizes again. I would wait to buy.
As was stated in the earlier answer - no one can predict when this bubble will burst. It will eventually. Meanwhile, keep pursuing the homes that fit your needs.
My best to you.
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People that can accurately predict the future usually like to go to casinos to make a quick buck rather than investing in real estate, with the associated capital requirements & time involved. I would urge you to become friends with an insider if you want to become more successful with your real estate endeavors. Hope this perspective helps!