I think that the market is LESS healthy now than it was in 2005. It was getting pumped full of uppers then, it crashed and now it is lying half-dead on government life support. The thing is that the government can keep it zombified for a very, VERY long time. I think that we all need to say hello to and accept our "new normal."
AF, you are correct. At this point, the housing market is just the dead cat's tail, which can easily look animated as our deceased feline friend rebounds off of the pavement. The actual dead cat is our entire economy, no?