If you are referring to "declining market status", requiring more funds down, it's been eliminated. If, however, you're asking if the market in that area is experiencing decline, you might call a real estate agent and get recent solds in the area that you are considering, as well as solds from six-nine months ago.
1) More then 10% of the residents are living below the poverty level
2) There are no decent jobs
3) The medium income "reported" is in the $34,000 range.
4) Most homeowners commute distances to make an affordable salary.
So the answer is yes. If you need a house then buy it. If you are looking for a vacation home wait, since prices will continue to tumble and tumble.
5) Its a buyer market. You have cash, you win.
Regardless of what any realty tells you, they are on the bread line also and looking for new careers, training or underselling homeowners. The whole buying and selling real estate industry hasn't finished spinning itself into the ground. Imagine a $50,000 house with property now sells for 285,000. The prospective customer is an entire family of 10. The grandma and granda pa, mom and dad, sis and her husband, brother and his live in girlfriend and two newborn babes.....The truth !!!!!