In the Honolulu Sunday Advertiser Dated June 8, 2008 Section R front page it said this!

What if Waiting Doesn't Pay off?

Still waiting for prices to come down? Consider this: Even if prices fall 10 percent in the next year, a 1 percentt raite increase means the same house could potentially cost you more money.

Today:

Purchase Price $600,000 Interest rate:* 5.50% Monthly Payments: $2,725

Cost Next Year:

Purchase Price $540,000 Interest Rate:*6.50% Monthly Payments: $2,730

*Based on a 20% down, 30 year loan.

Now is the time to Buy with more inventory makes for a better selection.  If everyone waits for the prices to drop you will be competing against others.  Something to think about!