All depends in what market you are in. Many markets have alredy bottemed and turned up. Interest rates are at all time lows. If I was looking and saw a house I would enjoy living in for the next 5 years I'd buy it right now.
A mini housing boom is probably in the cards, similar to the recent stock market bounce. Housing will, like most markets do, reach oversold conditions and pent up demand will cause buyers to rush in so they don't miss the bottom.