But while many people are living in places worth a lot less than when escrow closed, Jimmy Pryzbylowicz thinks he's buying at the right time, a time when values can only go up.
"I've been sitting around, watching it a bit, and I just so happen to be able to purchase at this time in the market," Pryzbylowicz said. "For me, it was more than favorable."
That's something potential home buyers have been wondering for years. When will housing prices hit bottom?
It might be happening right now, and Pryzbylowicz said after looking at a lot of places, some of the best deals can be had in the San Bernardino mountains.
But it's not just first-time buyers picking up rock-bottom bargains, but also those looking for a second home.
"Sixty percent of the people who purchase properties in the mountain communities are buying second homes, they're buying vacation properties and they're recognizing the good values," said Steve Keefe, a realtor at Coldwell Banker Sky Ridge Realty.
Keefe said as buyers actually start to buy, it means good news for those looking for a wise investment.
"We're experiencing a flattening in value, we're seeing more transactions," he said. "It's hard to say for sure whether or not we can call it a recovery, but at this point we're seeing more deals happen. And that's good news for us."