The following information has been taken from the National Association of Realtors and, I think does try to put our current housing situation in perspective:
Economic and Market Facts•Informed consumers make smarter decisions.
•The economy is soft and consumer confidence remains low.
•Housing affordability is at a generational high.
•Home values in many markets have returned to historically justifiable levels.
•Most economists expect home values to rise in upcoming years, though not at a fast pace.
•Bad loans are nearly always made in good times. But recently originated loans are performing very well.
•Patient homeowners over the long-term do much better than renters in attaining wealth.
If you would like to see the full report, download the pdf: http://www.realtor.org/wps/wcm/connect/e1f7b38043cfc29d922dfb34cafa6d66/Market+Facts+%28September+2010%29+edits2.pdf?MOD=AJPERES&CACHEID=e1f7b38043cfc29d922dfb34cafa6d66
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