If your 401(k) was invested in something that tracked the S&P, you've likely done quite well over the past several years.Don't get me wrong, I'm all about taking risks and massive action.

I am though for having some over site and mandatory disclosures.. just like we do now when folks buy a home you have a sellers disclosure.. or in CA when you make a loan as a broker you have a private lender disclosure were you have to identify if there is multi bene and if its a wrap.the risk to the general public from those that are not ready to take on this massive repsonsiblity IE keeping a sellers payments current and not trashing their credit dictates this in my mind.

A lady in her 80's was bought out of her business by Warren Buffet, and came back and worked there for a few years, then started another business doing the same thing right across the street from the store she was bought out from.

Brokers/agents do not need every investor in the world just like every investor does not need to own every single property out there for success.With a laser focus and vision you put in action on a daily basis you can have massive success not being everything to everybody.

Off the top of my head, I think the housing market is (and will continue to) change with the latest generations of buyers and renters, a large part due to massive student loan debt and just general generational differences...  

These were rules that stayed consistent for decades, and magically, we never had a massive housing crash.  

Charlotte is experiencing massive growth, and neighborhoods that might have been shunned 3-5 years ago are seeing heavy rehab and teardown/new activity along with significant rent increases.  

There is a massive trend in appraisers being ultra conservative due to the backlash of them being ultra aggressive pre-2008.

I just traded in my car (BMW 650) and took a massive hit on it because I left the top down in the rain and it was lit up like a Christmas tree and I just didn't want to own it anymore and the thought of fixing and/or selling it myself made me want to gag. 

And as far as when to buy real estate... when you buy with massive equity and great cash flow you can buy in any market at any time and not worry about what the economy is going to do. :) good luck