"Stocks have returned, on average, about 8% to 12% per year while real estate has generated returns of 2% to 4% per year," says Peter Earle, an economist at the American Institute for Economic Research.

Many economists agree.

Not talking Main St Media or the FED or your typical economist.

According to Joel Elvery, a policy economist at the Federal Reserve Bank of Cleveland, these factors are the bedrock upon which Central Ohio's current economic boom is built."

Prices are at record highs currently, but that's not an indicator of a bubble.I also take what economists predict with a HUGE grain of salt. 3 years ago, many were saying that we'd see a correction in 2-3 years.

This "stagflation" took everyone by surprise (even the economists).

If wage goes up 5% and housing 5%, then economist will think that's reasonable, but if you're 4x leveraged on a house on a fixed rate mortgage, then you've made 20% on appreciation that year and blowing past the savers :)

As far as a national level recession forecast, many economists seem to predict around 25% for this year.

Additional inventory will help contain rapid home price growth and open up the market to prospective homebuyers who are consequently — and increasingly — being priced out,” National Association of Realtors Chief Economist Lawrence Yun said.

Back in the 30's a real estate economist named Homer Hoyt discovered that real estate prices seemed to ebb and flow on an almost perfect 18 year schedule.