Time to buy homebuilder stocks?

[Alexos]

Stocks like DHI dropped around 50% this year due to the housing bubble burst. DHI, for example, is trading at .76 price/book, and its long-term bottom is around 1. It also has a 4.4% dividend yield.

On the other hand, I read an article in the globe and mail today that the housing crisis will only get worse, and could last up to 5-7 more YEARS.

So when do great investors pick up these value plays? Is it worth the risk to pick some shares now and risk catching a falling knife? Or do we use some technical analysis and wait for a base to build up?

What do you guys think?