I am curious to get some opinions on whether or not we are in a housing bubble and how long you think the crazy real estate market is sustainable. Some interesting points... --A NAR report found that investors accounted for 23 percent of the nation's 2004 home sale transactions, with second-home buyers taking an additional 13 percent of all sales transactions. --Home prices have become far out of line with wages. --The current buy/flip rage in the housing market is all too reminiscent of the run-up in the NASDAQ before it burst. If the NAR report is correct then almost ? of all buying is speculative investments. Personally I have no idea what is going to happen especially in areas like South Walton. Vacation home markets are much different than primary resident markets. It just seems to me that things are becoming borderline unrealistic.