To play the contrarian, maybe this is a good time to purchase. Think of all the smart people buying 07, 08 ?
The math works reasonably well over more than 7 years, and at the current prices, I'd say the risk is low.
Could be, but don't forget that you won't see the true bottom of the market until they are allowed to forclose. The banks and mortgage companies are sitting on thousands of dead mortgages that they are forced to drag along.
Only on auction you see the true value of a property. And that hasn't happened here yet.