Absolutely nyozekii, The bubble you see now is bigger then the 2008 bubble. When it pops, You will see lots of for sale signs, people will start to loose there homes, Bank deals will grow, and then the prices will start to fall. It doesn't happen over night. At some point there after, PM's will start to climb and can offer a quick increase in liquidity for the purchase of a highly discounted home. Good luck, and keep patient. ;)
All good things come to those who wait...
Personally, I'll be looking for a new SUV purchase for my wife this go around. As the auto industry is also in a huge bubble. Same process as with buying a home, only this might happen sooner then housing. It's hard to say for sure, but the last time I remember the dealerships closing down one after another just before the Government bailout of General Motors. Again this go around is much bigger then 2008 and there will be no more bailouts... ;) I'll make a post and try to clarify the timing for both.
Good luck!