What is easier to predict, the weather or the housing market?

Tough one! Hmmmm, let me think. We were supposed to have a noreaster' today but there is just a dusting of snow, so that was not an accurate prediction, at least not were I live. All the economic indicators show that we are recovering from the devastating "housing tsunami" and I am optimistic;  but what does it mean for those who are on the sides waiting to either buy or sell? Well, it is not that simple and many factors influence the recovery as everyone knows. So what is the good, the bad and the ugly?

1- The good news is that there is no such a thing as a National Real Estate Market, so if you are in CT, you may not be in as bad of a shape as in many other places of the country.
2-On average the value of a home doubles every 10 years. During the past 30 years, home values have increased an average of 6%. But during the incredible house boom from 2000 to 2007, many properties increased a whooping 19% annually!! I know this for a fact because it happened to me! There is no market that can sustain that growth without crashing for sure! So what is the "predicted" appreciation rate for the "New Real Estate Market"? What about 2 or 2.5%?
3- The not so good news are that if you are thinking about waiting for the market to return to the pre-crush era, well...you may have to wait a while.
4- On the other hand if you are trading, you will benefit from the same low price when buying.
5- Interest rates are at one of the lowest points ever, so instead of putting your money in the bank,  may as well invest it.
6- The average homeowner has 46 times the wealth than the average renter. Why? Because homeowners are paying themselves when they pay their monthly mortgage by acquiring equity. It is like a savings account if you hold on to it.
7- It is estimated that 60% of the average homeowner's wealth is their home equity.
7- Corrections in markets that have experienced exhorbitants home price appreciation are expected.

I am not making light of the millions of homewoners around the country who are in a really bad shape, but we have to look to the future with optimism and hope,  and really consider the true facts about homeownership. Just keep in mind that if you are ready, and can afford to make a long term ownership commitment; the bottom line doesn't change, there is no better feeling than having your own home!