Buzz, I'm not sure who you are saying are the "buy now" people. I don't see much of that on "local message boards." When I report actual sales being high, and volume being high, that isn't the same as a blanket statement that buying is right for everyone.
I understand your article, and know you are in the financial planning business, and I respect that. One aspect your article leaves out is lifestyle choice, which I think home ownership is all about. Owning is 1) a lifestyle choice and 2) a place to park money. Many people are looking at it as a financial investment, and while it may, or may not, provide a return, in reality, it is a lifestyle choice, not an "investment." (Typically speaking. Of course one can, or at least could in the past, purchase "investment real estate," but I haven't seen many cash flowing properties in SoWal in the last decade.) If you want to change the color of your house, or rip out the bushes and plant sod, it may not be so easy to do so if you rent. Ownership, in most cases, unless there are tight restrictions, gives you that freedom. However, freedom doesn't come for free. You must pay for freedoms. Plenty of people buy luxury yachts, airplanes, Ferrari's, and/or beach homes. They are luxury items. Some retain their value, and some lose their value, and some cost lots and lots of money to maintain and operate. These are all lifestyle choices. In general, we all need shelter, whether it is a place we stay for free, a place we rent, or a place we buy -- In all cases, we only need the shelter, not the ownership.