I'm a fellow buyer, and I'll let you know I'm bias as I already own 3 low price condos, and is in contract for a 4th that is schedule to close next week.
My observation is current picking is really slim. This time last year, there were plenty of under $50k 2 br condos to choose from in Metrowest. Right now, you can count the numbers with 1 hand.
Like others have said, it depends on what segment of the market you're in. In my segment, I think we are at the tail end of supplies getting flushed out from the foreclosure system. The unit that I'm schedule to close next week resides in a community where there are 400 units, at one time, the majority of them were in foreclosure, now there are only around 70 left that are not paying the HOA fees. At this rate, I would think all foreclosed unit should be gone by middle of 2012 in this particular community, and prices in the complex should remain stable, if not going up a little bit by that time.