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Here is an important article (SafeMoneyReport)
Housing To Hit The Skids

The real estate bubble has been expanding for a few years now, but it's about to pop. Demand for homes has fallen steadily over the past few months. For the third month in a row, purchase applications for new homes were down -- falling to their lowest level in six months! And plans for home purchases six months from now declined as well.

Scared-stiff consumers have clearly pared down their plans for major purchases -- and a home is the most major purchase of all! Even low mortgage rates haven't helped boost buying plans. Rates plunged to their lowest level on record, according to Freddie Mac, yet consumers haven't flooded the market.

Though home purchases have remained relatively high historically, we expect a dramatic fall as the economic recovery fails to emerge. And as demand plunges, home prices will follow. Homeowners are already mired in debt and leveraged to the hilt. Increased numbers of homeowners could find themselves jobless and desperate to sell if the economic slump worsens. When that happens, real estate prices will crater. [Ed: But NOT local real estate taxes!!!]

Bottom line: The first signs of trouble in the residential real estate market are now appearing. Don't jump into this bubble!