Real estate industry investors and professionals expect financial and real estate markets in the U.S. to bottom out in 2009 and flounder for much of 2010, with ongoing drops in property values, more foreclosures and delinquencies.  That said, is it time to buy a house now-or should you wait? The good news is it's a buyer's market.  The bad news is there is little or no credit available to buy.  If your credit is still good, consider yourself one of the few.

According to the "Emerging Trends in Real Estate® 2009" report, released on Wednesday by the Urban Land Institute (ULI) and Price WaterhouseCoopers LLP, distress in the housing market is benefiting the apartment market, which the report lists as the number-one "buy." Moderate-income apartments in core urban markets near mass transit offer the best buy, a trend that carried over from the previous year. The report also said that commercial markets will recover more quickly than most housing markets, and homebuilders may have to sell land tracts for "cents on the dollar" or face foreclosure-a possible gold mine for folks looking to own a newly built home. It advises investors to wait it out until the "bloodletting" is over. Then cash will be "king."

Bottom line: Investors looking to make a profit in the housing market should just sit tight and wait for the opportunities. Savvy investors will be able to cash in on the inevitable recovery, which some see occurring as early as 2010.

The housing market shows no signs of recovering quickly from the current subprime mess.  "Stricter lending standards and the weak economy will continue to drain the homebuyer market,"one expert warns. "Forget the quick fix."

The key phrase now is "buy and hold." This applies to everything from single-family to multi-family and commercial property. Buying property with built-in energy-

saving devices is a big plus, due to rising heating costs. Consider "going green."

Los Angeles remains the fifth most desirable housing market; Riverside and Orange Counties are the least. If shopping for housing in L.A., consider buying a condo or apartment downtown. As one study respondent noted, "It's almost impossible to lose money on apartment investments if you have a five or 10-year investment horizon."