According to Bloomberg Television the rate cuts by the largest US Securities firms combined with the Washington Mutual Inc. and Wachovia Corp. shakeups all have been interpreted as signs that the mortgage slump isn’t yet over. In fact, there’s speculation that it hasn’t even reached the bottom of the downward spiral.

Even with raised eyebrows about where things are headed the Wall Street would like you to believe that the housing crisis is over and that things are really on the up turn. Eisenbeis, who worked for the Atlanta Federal Reserve Bank up until 2006, has a different take. According to the article he believes that we about to see the worst decline in real estate since the dirty 30’s.

The banks might be trying to downplay the crisis attempting to convince investors and the public that the worst is over, however if Eisenbeis is right then there’s going to be some amazing deals available for those that have the working capital to snap up these houses. For never before, have people been so willing to walk away from their homes. That means the lending institutes are going to be in a precarious position sitting on repossessed homes that are generating no cash flow.

Is this is a good time to buy? Certainly! As with any time you are in the market to buy real estate you need to shop around for the best-priced homes. Whether you’re in the market to buy your first home or looking for investment properties diligent shoppers are finding some great buys. Should you wait for the market to drop more? That depends on what type of risk taker you are – right now interest rates and prices are good. If you want to chance that they’ll go down and not up then you can wait it out a little longer. But if you’re happy with what you see right now and believe what the banks are saying that things are on the up swing, then there’s no time like the present.