Blowin' Bubbles

A day doesn't go by that someone doesn't mention the Real Estate Bubble. Is there one? Should I buy now?
Most of the industry information I receive is not projecting a bubble. The bubble is a media induced news driver. It's true, we are seeing a slow down right now. The inventory of available homes is definitley up. However, this is normal for this time of year. We saw the same thing happen last year. Not to say that the same will happen this year, but there is nothing to indicate that this is 1989. Rates are awesome right now, and Katrina should ensure that they stay that way, at least for the next few months.
All in all, we are probably seeing the return of a "normal", balanced market. The days of 20% price growth in one year are probably gone, for now. So, if you are thinking of buying a new home, it might not be a bad time to lock in some of the best rates that we will see in many years to come.