I believe the correction is just in phase 1. Now some people with more money than brains and realtors always looking for their next 6% payday are claiming the bottom is in and its never been a better time to buy.
The bottom is not in. Not even close. Its going to take years for prices to correct where they should be with the monsterous glut of homes on the nationwide market.
Correct. It's going to take at least another 9 months for prices to stabilize. My guess is that it will be 2-3 years after that until we see some decent appreciation. At the moment cash is King.