As the others have said talk to your accountant for starters, if you don't have or need one, then it is up to you. We are seeing a lot of individuals up buying properties due to the discounted prices. Most of the buyer's I have been dealing with are looking long term, so you are getting more home than you would a few years ago.
There is not a better time to buy than now, especially if you are patient, watch the market, utiilize your Realtor and when the time is right buy that perfect distressed property and hopefully with some instant equity!
Best of Luck!