I would like to offer a different (and fairly speculative) thought.Our wonderful governor, who has done just about everything (or nothing) to make people flee our state and chase business away, and keep new ones from popping up, has one thing that he HAS done that I like.  

For example due to the market in San Francisco, CA that particular city has a current Investor Discount Rate of 0% meaning there is no discount due to the market and what cash buyers are paying based on speculated future values in that particular market.The Investor Discount Rate will determine the maximum amount an investor / buyer will pay for an investment property. i.e. with a property that has a Fair Market Value of $100,000 and local cash investors paying up to $70,000 for such a property, that means the current Investor Discount for that area is at 30%. 

If anyone is interested, I am very good at locating properties in Florida , negotiating buys and speculating.

You have little control over this, this is mostly about speculation regarding things like what the new Richmond ferry project, etc, might do.Paying down the mortgage balance."

But I would argue investing in growth stocks (or investment property with no cash flow) is more akin to speculating.

Its speculative, the market is small so one player's actions can have an out sized impact ( Think the host of hedge funds attacking various currencies around the world in the mid 1990's), and you are at the whims of a bunch of non rational players, like Account Closed mentioned with the Brexit voters.

I believe at this point people are speculative buying which I am not comfortable with. 

I guess the Fed's decision to cut interest rates to historic lows lit the fire and then speculation took over.

It's investors who are getting the cheap properties from the banks, and they aren't paying fair market rates.The information I've seen says that there are a couple of cities where the % of foreclosures is enornmous, but that is not the general situation spread across the country.In a few areas, speculators drove prices up well beyond the limits where they could be supported by the local economy.

Apparently even the Force doesn't help you speculate property.http://www.youtube.com/watch?