The housing market experienced distress in 2008, leading to significant price drops and a quick recovery. Currently, while the rest of the economy is strong, housing is at a standstill. When deciding to buy a house, it's important to consider long-term plans, as trying to time the market can be detrimental. Transaction fees in housing can significantly impact wealth, so the advice is to buy the right house for the right reason and plan to hold it for a long time.

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