I'm not a stock advisor, and I don't play one on TV, but...

I'm in a cash position as we speak and sitting there watching. Watching until I am semi-confident of the bottom. Now, just remember...you don't have to be at the absolute bottom of any market, real estate or stocks, to make money. None of us are that good. I don't make a living watching the ticker tape...I'm too busy out there in the world making money and swinging deals. But I'm not comfortable at present time to lose three days straight, then gain 75% back the other two, then start the cycle over the next week. I'm on the sidelines taking my miniscule SAFE returns while everyone else chases the carrot. A lot of fortunes have been lost during the last year. Not mine. I preserve capital at this point in time. Our economy has severe problems and I'm not convinced that 2008 will be that great in any market. I would advise, though, as an expert mortgage timer (4.5% 15-yr fixed, thank you very much!) that rates are as attractive as you would ever dream them to be. Don't wait for lower if you can walk in the door with down, have great credit, and are in a stable employment situation. If you qualify with those parameters, I would be a low-ball offering buyer right now! Now's the time to start striking. Foreclosures are fresh, people with homes on the market are having their appraisals cut to embarassing levels, and the ones who have to sell will take unheard of offers. Even though my home is exactly what we want in every way, I'd think about offering on other luxury homes.