I don't know the answer to that, but I'd be curious to hear speculation. 

Retainage is almost always a good idea- use a sliding scale: small job higher % retainage, big job lower % retainage- never go below 5% (multi-million $ projects still have 5% retainage)However, retainage only works for direct contracts (GC, Subs contracted by you not the GC), and retainage requires inspection and speculation of the percent complete for a job.Pay scales- get separate line items for labor, materials, overhead and profit, and taxes.

I remember when everyone was speculating about the Inland Empire, when it seemed like everyone in Orange County was investing in a Phoenix spec. home, etc.  

Investors buy them and speculate in them.Once you decide on a getting a website and start searching I would suggest buying it.

There is also the potential that the home will be more valuable if you wait to sell it later, but that is speculative and not something to base the decision on in most cases.I don't know if the $50k+ (after closing, commissions, etc.) or so that you would get from the sale would go very far if you want to roll it into another investment property. 

Consumer confidence is indeed very high (even higher than in 2006), and the local real estate investment club meetings are packed with enthusiastic investors and speculators; I don't see think consumer confidence or investor confidence are good leading indicators, though.

It's speculation there's a 'pending RE crash'. 

Anything else is speculation.

Obviously, this is an average and some would go higher or lower.Now outside this speculation, I closed on my first home March '13 on a short sale from Bank of America. 170k (offer) - 3k (seller credit) / 180k (asking price) ~ 93%.

For comparison Q3 2011 reading was 35.1.I have just begun studying the multifamily industry and I would speculate the wave of foreclosures during the last recession would have forced people out of their homes and into rentals i.e. multifamily units.According to the chart multifamily vacancies rose to a high level during the recession, and peaked in 2009.