I will try and answer your question with data rather than opinion. In 1998 the average value of an average home in Rosamond, CA was around $56-67k. In 2006 that price had increased to $250-310k. That's an appreciation of around 400% based on shaky fundamentals and poor judgment.
However, a house just down the street closed on 02/22/08 for $219k. This price was most likely agreed upon back in December 2007, when some in the area were still hopeful of a slow decline and quick recovery. Given the current taxable value on this property, I believe that you can make a small profit; however, the days of irrational pricing and the P.T. Barnum style Real Estate party here are over.
Until, the banks start relinquishing foreclosed properties, which outnumber resale, and new construction in this town, I really can not establish a price point based on historic and present data for this town.