Yes, sometimes gathering cash and waiting on the sideline for the right opportunity is most prudent. That is what's great about exposing oneself to other countries, there economic cycle may be different than resident country.
Living in FL, I know an opportunity like 2010 probably won't come again for some time. However, other areas are setting up for it. I had started looking in the midwest but need to keep an eye on this if firesale prices occur.
Cycles will always repeat. Get ready to pounce.