There was a time when it seemed like the rise in real estate prices would never stop. Of course if you have an understanding of economics, you would know that was unlikely. But still the impression was that things were on a secular upswing.

Then came the sub-prime crises. Not just did it induce sanity in the real estate market, it actually swung the market well into the other direction. Now it seemed, or maybe I should say seems, like the real estate prices fall will never stop. That is insane too, just like the earlier insanity.

What I would recommend based on intuition :) is that now is the time to look at buying some property. Price might fall a bit more, but how far can they go?

For that you will need to locate mortgages that make sense. If you are trying to make a business of this, you might consider Buy to let mortgages. These will allow you to get multiple mortgages for multiple properties. At the present low prices you can soon have a portfolio of good rental income. This lease portfolio will be further strengthened by handsome capital gains, when they occur. And they surely will occur some day.