Came across this article today. Who's buying homes? Well the rich and wealthy are. http://money.cnn.com/2011/03/07/real_estate/million_dollar_homes/index.htm
When I was down in Bullhead City, Az. earlier this year- I noted a rich guy buying up homes everywhere and paying cash. The fifteen homes he bought will net him him a cool 10k a month. I noted then as now, that the transfer of this nation's wealth continues. From the Fed to their Wall St. cronies. From working stiffs with 500 credit scores to lawyers' with big inheritances.
Kind of hard to buy a house with no job or having a "new age" job making twelve bucks an hr.
I would rather live in a tent than make some rich bastards' monthly nut. That's just me.