Recession in 2007 imminent?

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If you can't afford a house in N. California right now, I wouldn't count on being able to afford one in a year or two either. Even once the market drops, the difference in your monthly house payments spaced out over the terms of the loan, wouldn't be drastically lower.

As for things like, putting money in collectible investments - you would think that's a sign of a healthy economy that somebody could spend fifty grand on a stamp, but historically it's been the other way around. Collectibles didn't do well when the economy was good. People had their money tied up in real investments, like tech stocks.