"Those who cannot remember the past are condemned to repeat it." George Santayana
When the housing crash hit in 2008, President George Bush became an opportunist like Richard Nixon, and creatively pushed the crash off until he was out of office. If Bush had let the markets naturally crash, capitalism would re-invented itself, and America would've come out of this economic funk quicker. However, Bush wanted to save face.
All of the recent USA Presidents are the same: They want history to view them positively, without regard for the next President or the people. However, this time the housing crash will set-off other market crashes. It will be like dominoes.
When will the housing market crash? I don't know. It could be soon. This article might help you understand all the forces at work. http://theeconomiccollapseblog.com/archives/will-the-new-housing-bubble-that-bernanke-is-creating-end-as-badly-as-the-last-one-did
Is this a good time to purchase a house? Yes, if you need to live somewhere. Otherwise, this is the worst time ever to speculate on real estate. Be prepared to lose up to 50% of the value of your house over the next two years, when the government can't afford to prop-up the housing market anymore with artificially low interest rates, or buy-out debt. Last time, President Bush had the cash to buy-out bad debt from bad housing loans. This time...we're sixteen trillion dollars in debt.
You rise at dawn and hurry to carry them out,
simply because you have the power to do so.
When you want a piece of land,
you find a way to seize it.
When you want someone’s house,
you take it by fraud and violence.
You cheat a man of his property,
stealing his family’s inheritance.
you won’t be able to pull your neck out of the noose.
You will no longer walk around proudly,
for it will be a terrible time.”Micah 2:1-3 (NLT)