I have heard two thoughts on this subject...one a word of encouragement and the other a warning. One report on the economy this week indicated that that a boom in sales is about to begin for as second house purchases for investment purposes... possibly a bright spot if the refi boom ends.The attraction seems to be that the return on the investment is greater than on stocks and bonds, and it is a safer, less volitile investment.

Then Greenspan said today that the prices have to max out at sometime, and at this point investors get hurt.
I suppose it is a matter of getting in and getting out of the market with the right timing.