It is always a good time to buy a house, if you can afford it (without a creative mortgage)and expect to stay there for a long time.
I might disagree with you. Eventually prices will always rise, but if there is going to be a correction say in NY and California's housing market, it might be best to sit back a year, let all the foreclosures come on to the market, and buy in then and save 5-10%, rather than buy now.