You are asking the $20 question of the year and unfortunately friend if anyone could answer it with any certainty they would be a billionaire. My recommendation is to not buy for the short term, if you can't seriously say that you see yourself in the house 5 years from now - don't buy in today's market.
There are deals in every market. Now more than ever you need to save up money and have a downpayment. If you don't have that yet, don't get trapped and lured by having a house. There are plenty of people in foreclosure right now who wish they didn't have a house. Take time and save up to do the purchase right, you will be happy that you did.