Are arm mortgages still a good idea in this real estate market?

A few people have said that the market has bottomed out to me. If that is the case, shouldn't arm mortgages be a good idea, as the market will rebound, I'll make money, and then be able to refinance after having gained some equity, and potentially not need to put any of my own cash into the purchase? Or was this a good idea two years ago, and now is not the time to get an arm mortgage?

You answered your own question. Why do you think I bought into a condo? Yes an ARM was a great idea 2 years ago and probably even better around five years ago. Rates might have gotten a little better but the prices ended up going through the roof because everyone went buy and sell crazy. So now we all need to wait and let the suckers lose their money and swoop in after the foreclosures start to peak. Until this happens, any type of mortgage is a dirty word.