@Mutsy -I know what you mean but real estate prices are so low right now, that it you are looking to get into the market now is the time.
Many homes are selling for a third to one half of their selling price during the real estate bubble and I think that many places are really undervalued right now. I think that homes in Florida will always be attractive because of the nice weather and the low cost of living so investing in a home in Florida may not be a bad idea.
For example, Miami has a lot of international buyers so although this was one of the hardest hit markets, it will turn around because I lot a people really love this city. I rather invest in a property than any real estate investment trust company.