I'm having the same problem... however, prices keep decreasing. Waiting a year or two will help out immensely!!!
Find out what the property was worth ten years ago. Multiply that number by 1.344 (3% a year increase- what US home prices should go up with inflation) and use that number. You'll find most properties are WAY over-priced.
Japan was in a similar situation to what the US is in now back in the 1990's (bad banks with toxic assests, politicans not understanding basic economics, a bubble economy & more) . Japan had 15 years of decreasing property values. Don't be surprised if the US has at least 10 years of the same.
Now of course houses can't drop 100K every year and still be worth something in ten, but houses can drop 100K-200K over a year or two and then keep dropping 5% a year in a deflationary cycle (like the Great Depression, a cycle where dollars become worth more but are harder to get). Research deflationary cycles, stagflation and fiat currencies and you might just want to withdraw your bid on that house.
Wait a year or two more if you can.