I don’t know, man if it *is* or isn’t a good play–long term–to buy or not. It can be, obviously as aggregated data should only be one part of an analysis. And there are good opportunities for a homeowner to have more house than could have been bought in 2005 at roughly equal interest rates.

Columbus won’t have the variance of the other costal markets.

The biggest threat is the availability of funds for marginal buyers. TODAY there are programs, but as we are seeing Massive defaults in recently originated “my community” loans, down payment requirements will increase across the board. When someone can’t move from their $160k house to a $240k listing, the $240k price is pressured, too.

Things haven’t changed–80-90% of the people that could buy in 2005 at the height of program availability are still able to buy. When that changes, and goes to 60-70, then we’ll know what the fate of the market will be.

You’re right–it’s more important than ever to work with a professional Realtor, and go in with your eyes open.