imho, i think the fed has won the inflation/deflation debate and that changes the purchase dynamics a lot. Tempering that thought is that we have a lot of stuff to still get through. Also i think many people on the inflation debate equate inflation with hyperinflation and i think that is a mistake (especially if they are using that fear and buying at the limits of their affordability)

Buy a house for the right reasons. its right for you and your family and you can afford it. Dont buy expecting to get rich off the house or expecting the house will protect ,you from the ills of the world.