Many people are watching the housing market like hawks waiting for the perfect time to buy. No one can say when that is, only make an educated guess.
The winds of change can be felt in home prices.
The New York Times posted a page on November 30, 2010 which showed selected cities home price change year-over-year. Some prices have gone down. However, many have stayed consistent or even risen. The housing market follows a cyclical cycle and is bound to come back around at some point. It may take a long time to rebound, but it is in the future.
You may want to consider these statistics if you are making a decision to buy or sell.
At a whopping -5.6% change in home prices over the last year, Chicago seems to be a hotspot for buyers.
The cities that have a drop in prices of 4% over the last year are Tampa, FL; Charlotte, NC; and Portland, OR.