A simple question

In two parts:

1. Will it be a short, sharp correction, like in 1982, or a long, drawn out correction looking something like the current US version?
2. Why?
   

May 2008 vs May 2010

Let's say the rest of 2010 plays out like May 2008 to December 2008. You're sitting on a decent down payment and you have an opportunity to low ball in October/November getting around 15% off today's prices on a SFH. You can get a 5-year mortgage at roughly the same interest rate as today. What do you do?