With articles ranging from advice for walking away from a mortgage to hanging in there and buying more properties for the big housing correction to come, it's not easy to make blanket statements about whether or not owning a home is a good idea. It might be better to ask if buying a home is a good idea for you. Taking out a large loan involves risk, and losing money is a real possibility for today's home buyer. You might find your much loved investment underwater or upside down, or you could have an investment that earns returns as, and if, the housing market rebounds.
If you're going into a home purchase without expectations of making money on the investment or being able to borrow against the equity but just determined to own property, then the goal and dream of owning your own house outright someday might outweigh other factors.
It remains a buyer's market, and after crunching numbers as honestly as you can -- and getting your finances to the most predictable and measurable place they can be -- take a look at the pros and cons, joys and risks, and either wait or go for it. Maybe the outcome will be finding out that you don't care about the risks or that you want to forego the risk altogether.