I read an interesting article /Don't Buy a House --Yet/ on kiplinger.com unfortunately it got censored since I think I wrote the truth:
"Dilettante! The first word comes to mind when reading this piece of "work" from Mr. Goldberg. Yes, we are 30% down from the 2006 - 2007 highs, but that is also 23% below a normal 5% per annum property value increase in a decade. In addition he is following the herd of self proclaimed "experts" who subscribe to the "one size fits all" theory. Real estate in its nature is a LOCAL event influenced by local market conditions /supply-demand/ and other LOCAL socio-economic forces. Even within a city LOCAL conditions drive prices between areas/neighborhoods. Just because it's raining in Chicago, you do not need a raincoat in Daytona Beach. And for example oceanfront condominium prices are going to recover at a faster pace then other segments of the market and reach near peak levels in the next three years. A few of the driving forces behind that are the lack of available oceanfront properties and that new oceanfront condominium development has been nearly non existent since 2007. Another one is that it takes nearly two years for permitting and other logistics to get to actual construction of a larger development and developer who wants to have finished product on the market in 2011 or 2012 should be done with the foundation work by now. There are hardly any right now. So those who have new or newer condominiums to sell during that time will be in the driving seat for prices. And this is just one segment of the market. Dilettante!"
That's my two cents, worth about