Hello Again Kirsten,
As an investor myself, I can tell you that this is the time to buy!!! We have not seen this kind of prices in a very long time, and with so many people loosing their homes to the bank, these people are in need of renting!... Just because they lost their own home does not mean they will not be a good renters, situations and circumstances of their default are different and 99% not their own doing. So, weather you will live their or rent it out you will not lose. We are seeing a whole lot of investors purchasing Bank Owned & Short Sale properties, which is a sign of that the Market is in the recovery path. Obviously, it will not recover by tomorrow, but, the good deals do not last very long!!! If you will do a thorough search, you will see that there is a whole lot Pending Sale properties with a low price. Hard data does not lie, no matter who tells you what.