Yes, the prices are down. They are down everywhere. Not just in one community or in one city!
I believe we are at the lowest point in the market place right now. If you were to examine the traditional increases in value over the course of years( not weeks or months like we had in 2001 to 2008), you will note that this "downturn" is a temporary one. It has been a longer than the "historically" noted recessionary period of the 1970's or the period of the late 1980's, ..but guess what??? Prices continued to increase, interest rates continued to increase..and prices have never EVER dropped to those levels since. They just continue to grow.!!! The buyer who jumps in now, will reap the benefit shortly.
Interest rates are low and will not stay this way forever. If you are looking to make a killing and flip, I would rethink that. If you are looking to own for a time period, you will be a winner, NO MATTER WHAT!
One must examine the past to see the indicators of the future!!