Buying property in the US market

The current sub-loan property loans crisis in the US will present a very good opportunity for investors and home buyers to buy property in the USA in about a year. It just so happens that banks tend to expect loan applicants to have a 1-year employment history for loans, so if you have just secured your first job out of university or have saved enough cash for a deposit, then your timing will be fantastic. Appreciate that you will not see the same gains that you have seen over recent years, but there will still be some goo buying.
So if you are 'ready to buy' start getting a feel for market prices because we are going to see some sustained selling by investors as well as foreclosures at the lower end of the market.

You should start talking to banks to find our their terms, and decide the best place to buy, and get an idea of prices. Apartments are cheaper, but appreciate the least because you are buying space in the sky and that doesnt appreciate in value...land does. Ideally you want a shit lot next to a nice suburb. Need to think about where you plan to live. Apartments are more flexible for renting.
I personally make a list of all the things I want in a certain area, then search the street directory, maybe Google Maps looking for those things. eg. kintergarden, schools, shopping malls, you can even think about where the next shopping mall is likely to be built.
Anyway, its the most important asset you will buy in your life...and it really pays if you can get it at the bottom of the market...because yeh property prices might only increase 5% a year in normal market conditions, but its rent-substituting and that 5% on say $300,000, $15,000 of passive tax-free income a year. We are entering a period of high inflation but in a year or two that will feed through to higher property prices when all the surplus property has been sold off.
There will be alot of banks offloading foreclosed properties, as well as investors trying to sell. So if you get the timing right, you can get a bargain. Best to time it, then low-ball a few bids around town, and see if anyone takes one. Banks will readily sell to liquidate bad loan portfolios with little regard for the vendors. Basically the banks are happy if they can just get their money back...so dont expect them to care if the vendor looses equity.
Expect interest rates to squeeze out alot of loan defaulters, so your intent should be to buy about 4-6 months before they have all been liquidated/cleared, and the market starts talking about the lack of foreclosed properties available and buyers start reappearing in their droves. You dont want to wait for the turn around...general market trends offer a better clue to get your timing right. Its the difference between being a price taker and price setter ($40,000). The best time to buy is when everyone thinks the world is about to end...well in a way. Its a little bit different from equities. Property is not a liquid market.
There are alot of online websites like www.realestate.com.au (Australian equivalent) so you dont even need to leave the home. No doubt they are already alot of 'for sale' signs up. Well there are more than you think because banks dont advertise. They have off-site auctions, so see bank websites and follow prices.

PS: It will be interesting to see if bargain hunting in the USA causes remittances to the Philippines by expats living in the USA to dry up. I suspect it will, as there will likely be a weaker peso and higher interest rates in the USA.