I want to buy a house, but I do not want to end up crazy underwater on a house. If I thought values would be at-least-stable I probably would buy. Everything just seems so bubbly that it feels like a trap.
The general consensus is that there is never a best time to own a home (for example, rates are much better today than in the 80s). If you want it, figure out how to pay for it, and buy it. Keep enough savings to weather a year of unemployment. You might be unemployed for longer, in which case you'll just figure out other options, like forbearance/hardship program/loan modification, state unemployment, temporary work, renting out rooms, food and utility assistance, etc. Worst case you can sell the home.