Although they were up 57 percent from January 2007 and 8 percent from December, the January foreclosure numbers released today by RealtyTrac  do not appear to represent the massive wave of foreclosures that is expected to hit sometime soon thanks to the rash of risky loans given to borrowers as late as just last year.

It's too early too tell if the relatively meek January numbers mean more distressed homeowners are staving off foreclosure thanks to increasingly pro-active lenders and government intervention, or if they just represent the first few raindrops of what will prove to be a violent thunderstorm.

And in either case, does that make the current market a good one in which to buy or invest in real estate? Or is it better to wait until the market falls further? Of course, the answer will vary from region to region, but provide supporting evidence from your area.

View full report with state-by-state data.