I think it is finally a pretty good time to buy, especially in the inland parts of California. No one will know the bottom of the market until after it's passed. Additionally, prices have dropped so low, you can buy some properties (especially in your area) for LESS than the cost to build! Whenever you can do that, it's a decent time to buy.
Additionally, once the market has bottomed and it hits the headlines of the newspapers, the sellers will start getting a little more cocky. We are still at the point where there is a lot of fear with sellers, this is the time when you can get great deals. And finally, the winter and holiday season (now) is the best time of the year to get great deals, as opposed to the spring and summer buying seasons when more buyers are out looking.
Sr. Loan Officer