I have studied the charts and prices of houses in my area. Houses are now selling at a discount to 2006 prices, but still I feel there is a ways to go downward. The discount off of 2006 prices is about 15-20%. This is not a huge discount compared to the doubling and tripling that had occurred over the years. Unemployment is on the rise and layoffs continue to mount. I have been renting since 2006 and would like to get back into a house. I ask the ET community of experts. When should I buy a house? Somehow I have this feeling that prices will eventually get back to 2000 pricing and it will take a while. If you forced me to answer when I feel housing will be a buy, I say minimum it will take another 3-5 years to see a bottom. Homeowners are too stubborn and wont sell easily.