Why I agree that there is no way in hell that housing prices will drop, maybe they will have a more gradual increase. What I would recomend waiting for is a little more supply so that you don't get involved in a bidding war for a house and end up paying $50,000 more than it is worth just cause you needed to get in.
The problem now with builders is that some of them a putting a cap on the amount of houses they will build (they can't keep up) and some are just not building right now as they can not forecast the actual price to build a house and end up losng money (dont know the details just heard a rumour)
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