Institutional investors, flippers, multiple offers, restricted inventory, tight credit, few first time buyers and a dead move-up market. Not a picture of a health for real estate. Just a reinflated bubble that only deflated half way. Unsustainable in the long run. Here is an article by Barron's Magazine The Great Mania that sums up the true nature of a reinflated housing bubble. Take 5 minutes out of your day to read this. It could save you alot of stress and heartache down the road.