I concur with the input previously provided. I might also add that you zero in on a few complexes of interest, then consult with a LOCAL realtor who knows the trends pertaining to those complexes (i.e., total market decline since 2005; any recent or future assessments that may impact your pocket, etc.)
No one can really predict if this is the "right time t buy", but in my opinion it is certainly a good time to buy and personal circumstances are a good barometer.
Look at it this way, since 2007, the "experts" have been wondering if we were in a recession, then in 2008, the said "oops, we've been in a recession since ??? (depending on whose opinion you value). I believe the same will happen with real estate as people like yourself who wonder "when" will be finding themselves saying "I should have bought back then" . . . . the "best time" to buy is almost always realized after the fact.
Love and Peace,
Francesca, Realtor, ePro