Is it too late? I don't think so, just need to do your home work. The home prices have seem to hit the bottom, but for someone that is looking for a 3 to 5 year hold there are still a lot of good properties left.
I have been showing a lot of people homes in the middle to upper end price ranges and I think that is where a person should be looking for the greatest return.
As more and more banks start to work with upside down homeowners, you are going to see the prices start to tick up. Just wait till interest rates go to 5.5 to 6%, you are going to see home prices raise at least 10 to 15%. It will be the mad rush to buy before the 7% rate which is more of normal rate.
So, if you are thinking of buying, don't wait too long. How many times do we all say ( Should have, Could have, Would have )
Have a great day from Sunny Arizona.