In Germany real estate became significantly cheaper in many parts (not all, not e.g. Berlin or Hamburg). In my north German mid size city we had ~15 percent price reduction in the last 2 years. In our neighbour city they even had 25%.
On the other hand, I know people who sold their houses when prices where high, invested their money and are happy renters now. It apparently can be a lot better financially according to many experts (here in Germany, no idea about the US).