Don't listen to HP. But do listen to REAL portfolio managers and businessmen like Mark Kiesel at PIMCO (unlike The Incompetent & Corrupt David Lereah). Especially if they graduated from REAL schools like Michigan (vs. the REIC-corrupted Harvard and Wharton)
Kiesel points out that it makes no sense to own today, unless you're a masochist. Just rent (like he does). And down the road, when the blood is in the street, and the fundamentals make sense again, it'll be time to buy again. And for much, much, much lower than today's stupid prices.
I sold my house over a year ago and continue to rent. Back in late 2005, I became anxious about my investment in the “American Dream,” after spending a considerable amount of time and effort researching several factors that I felt would influence housing prices.