How I see it:

PDQ economic update: Last week I heard David Stevens, Assistant HUD Secretary and FHA Commissioner, speak on the housing regulatory landscape. While the road to recovery is paved with good policies it’s going to take some time. At best, real recovery will take until mid to late 2011.

Modifiers that could change things fast :

• Interest rates will go up as the Fed stops buying mortgage backed securities.·
• First time homebuyer credit expires April 2010.

My advice for the short term: Hedge your bet. Save like a pessimist, but approach life as an "optimist.” Remain aware and alert to the opportunities.