[stephencanon]

Prices aren't going to drop significantly in major markets because political forces won't allow it--there are simply too many retiring people with the bulk of their assets tied up in their house. Probably prices will get eroded by higher-than-usual inflation until they come down to somewhat sensible numbers in real dollars, which is somehow more politically palatable, but that's a much more gradual process, so there won't ever be a "great time to buy" in that scenario.