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If it's important to you that you own a house, by all means consider buying. However, for as long as we've been keeping records, houses have been bad long term investments. If you sell in a high market, of course you'll make money. But long term, housing values don't beat inflation.
Again, I'm not saying that means a house isn't worth it. But do your research. Compare the average increase in housing value over the long term with the increase in an investment. Factor in the extra costs associate with a house: taxes, maintenance, mortgage interest (it's deductible, but only from your income tax, so you generally only get about 30% back), HOA fees (if any), etc.
It's a myth that houses are always a great investment, and I don't say that just because the housing market is down right now. Of course it will recover, as will the stock market. Unless you plan on selling the house soon, ignore these short term trends and look at the long term data.
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