It's true that it is a buyer's market, however, it may not be by the time he graduates in 3 years; it's just too hard to predict that far. Having said that, however, that makes it more important than ever to save up for the down payment on a house, because it will be sizable, and there isn't as much room to negotiate on that as with the price of a car.
As for the buyer's market, it should really be titled "Buyer's market for people with money," because even with prices lowering and loans getting low percentages, down payments are up. My friend got his house a year and a half ago with a 5% down payment. My cousin is looking at houses where he might relocate, and they're asking for 20% down payments. ******* ridiculous.
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