Did anyone really expect anything else out of Ben Bernanke and the other 10 members of the Federal Open Market Committee this time around? No, they didn’t. And they got just what they expected.

As predicted by everyone from Wall Street analysts and TV commentators, to probably the corner grocery store clerk down the street, the Federal Reserve held steadfast at their meeting Tuesday and kept its short term federal funds rate at 2 percent.

The official statement released by the Committee Tuesday had a cautionary tone, noting that inflation remains a key concern as labor markets continue to soften and the housing market “contraction” remains ongoing.

All told, these concerns — along with energy prices — are going to weigh on the economy for the next few quarters. Reading between the lines, that could mean that the Fed doesn’t see the economy making any type of significant recovery until at least the second half of 2009.

Just like the Fed is doing…again…we’ll all have to just sit tight and wait and see.

In the meantime, the Labor Dept. just released its weekly report on jobless claims, noting that new claims for jobless benefits rose last week to the highest level seen in more than six years, according to the Associated Press.

What does all this mean for prospective home buyers and real estate investors looking to take advantage of present market conditions? It means that we haven’t seen a market as ripe as this one since the early 1990s, with such a vast selection of properties available to purchase at significant discounts.