No present tense. It still is going down the tubes. Don't confuse a blimp on a chart with a new bull market (or govt propaganda with reality for that matter).
No. Over the last decades, there was nothing local about the real estate boom. It was driven by the boomer demographic and easy credit.
Like the "dumb" money that did not decide to buy when real estate was over-priced to intrinsic value in the past 5 years? (and still is)
Cash is a position.