Buying a home now

As much I believe that we'll face serious economy downturn over the next few years:
The best time to plant a tree was 20 years ago. The second best time is now.
To grow fruits and nuts (for personal consumption, not for earning money) for the long term, we have to buy our own land, now.

So, the question I'm facing is, how to buy at the current inflated prices? I'm thinking just the land would be cheaper than trying to buy a home with large lot. But then buying a distressed home (foreclosed or "fixer upper") might be a good choice now that the news is out on how bad the real estate has become.

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