How sustainable is the current real estate market?

[Ben Riechmann]

I and some other investors have held out some cash from some different investing as we are not sure how sustainable the current real estate market is where so many people are buying homes above the asking price.  This seems to be happening nationwide although I don't hear this happening as much as last year.  Interest rates are going up some but that may not mean much, it would be interesting to hear from professionals in the marketplace what they think?  Either way, you can find deals new investors, even more so in bear markets.  I am just interested in what some of the veterans are seeing and thinking about in the near future.