Not all area's are as affected by the current market. Remember, LOCATION, LOCATION, LOCATION. There are some neighborhoods that are so desireable because of schools, area, or whatever, that continue to prosper in this market. There are many people that buy a home because of the lifestyle the area provides, rather than to make a profit on their home. Where are you going to live when you sell your home in your favorite neighborhood for profit? Most people would want to stay in that neighborhood.
I suggest looking at what is most important to you. Is the neighborhood more important to you than the bargain. If the answer is yes, then you should buy.
Century 21 Beachside