It's still too early to really think about this. There is going to be over 5,000,000 or more homes hitting foreclosure. The time to buy is when the sheep (that's like, you) think it's the worst thing ever to buy a house.
I rent an apartment, and if you work out the numbers it should sell for $140,000. I've got water views and high ceilings and all that. Nearby condo, while it had the new cheaply made stainless steel appliances, ceiling was low, small, and moron wanted $400,000 for this garbage. It had no parking. So in the end, there is money to be saved by renting. Then wait until all the other people loose their properties, then look. It's WAY early in the game.