Nationally, home values have gone up about 10-15% in that time period, and the increases are very local. Fortunately (for me as a potential buyer), for example, the Northeast is still in the midst of a foreclosure storm. Vacant homes are hitting the market, auction sites, and Homepath site like a January blizzard (blow baby blow). Don’t confuse what happened in San Diego with the US as a whole.

As far as stocks, don’t confuse speculation with reality. Also, look at levels of margin debt — pretty much at 2007 levels. Not a recipe for further gains.

I’d say that the economy is muddling along nationally. Not wonderful but not horrible either.