We bought our own house in 2009, during the crash. It was risky, because I was working a temp job and there was no telling when the recession would start to get better. IN the long run, the gamble paid off for us. (There's no way we could afford it now!) But we lived in a crummy apartment for years and saved as much as we could for a downpayment. We'd been following the Great Bubble as it inflated and became clear that it would end very, very badly, so we just held on to our cash and waited.

Obviously, past results don't necessarily predict future returns, but it is starting to feel a little like 2005-2006 again.