I know how you feel about buying. We would love to buy a house here. The home we rent is for sale but we have no downpayment becasue we are paying down debt. I figure in 2 years, we will be shopping. Hopefully by then the market will have stabilized.
My grandmother cleaned up during the last big economic stumble - she had cash in hand (well, in MMA's) and locked in a bunch of CD's at 15% for 5 years and bought a few small houses to use as rental properties.
I will now take my selfish self back to the kitchen to get DH's supper.