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It's hard to say and no one knows when it's gonna burst... actually, I'm looking forward to it, but that's another story. In your case, get the house! Renting is throwing $$ out the window, plus you don't have the tax advantages as you do when you get a home. Don't worry about the bubble, just get something soon. If you overpay a few bucks, so be it... the rewards outweight the risk. Also, I'm assuming you plan on living in the house, so don't worry about trends. You'll make your money back and then some as long as you hold it for a few yrs.
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