I agree with mlts22. Even with the steep declines, home prices are still out of whack with rents and average incomes in a lot of areas. In other words, they could still fall a long way before reaching equilibrium. Even if they don't crash any further, I highly doubt you are in danger of them spiking up again for quite a long time.
IMHO, you are better off missing the bottom slightly and buying when things are clearly back on an upward track again. At least that way, if something bad happens (like you lose your job...not exactly a rare occurrence these days), and you need to get out of the mortgage, you at least have some hope of being able to sell quickly and break even.