That's interesting. Your profile shows your in So. Cal. The reason I say this is because three years ago, you could have got a pretty good deal on a home. Not now.... I think you are going to have a long wait. Good luck..
I bought the condo i'm living in now for $34k cash and it's current market value is $175k.
It will take at least 2 years before you can really steal property at 50% or less than market but there will be lots of property that you will be able to turn a quick $25% on (owning them for 4-5 months at most) within 6 months of a crash.
At least it isn't like the stock market, when I go into a property I know exactly what it will cost, time and money, to have it ready to market and what it will sell for.
When it happens, cash will be king.