What an outstanding home buying opportunity.
If you followed the history of long term busts and crashes, the buying opportunity is never just a few months after the peak when things have dropped some and folks like you are running around screaming buying opportunity. The real buying opportunity is when things have reverted to the mean, and folks like you have started deploring how bad the market is and what a terrible time to be in real estate. THAT is when their is non-speculative buying opportunity and always has been.
Right now, if you purchase you are speculating prices will not revert further to long term trends, which are WAY WAY below even current prices. It is purely speculative because there is no floor on this market. There is plenty of supply, little demand, and insufficient cash to liquidate most of the rapidly accumulating inventory.