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There are always markets that buck national trends, but there are national trends... Sure, you can find a market like Montgomery Alabama where Hyundai just built a plant, and because of those 5k new manufacturing jobs, another 20k new jobs are coming into a town of what? 50k... so yea, housing demand is going up and it will continue to go up...

But that's not the national trend.. you can always find exceptions due to local economics to any general trend.

There is a national bubble in real estate, and its popped... in fact it peaked about 6 months ago and has been going down ever since..

All those folks who have been parking money in REI because of fear of the stock market, are going to all be rushing back there... and much of the sales of houses in the last few years, especially in the rapidly appreciating areas, have been investment or speculation buying by folks who really didn't know what they are doing... now all those properties are going to come up, flooding markets, causing houses to sit longer and sell for less.

Low interest rates in and of themselves don't keep a bubble going... like all schemes based on finding the bigger fool... sooner or later the bigger fool is no longer there to be found. Across a lot of america, people who overleveraged themselves in the past few years, and now need to sell are learning that in spite of what the "guru" told you... real estate is cyclical too, and its cycle are LONG... you get caught buying at the top.. you can be underwater for a VERY VERY long time.... now if you can wait it out long enough, you most often will wind up fine... but if you find you need to sell, or whoops that ARM kicks up a point or two and because money supply has tightened you can't refinance... well...