The Residential Market: Hanks Said it Best

On the eve of our first home, wherever that may be, it's always comforting to read articles on 25% home value increases in a year. This sellers market is insane. I can't wait to overpay on the bubble, maybe even get into a bidding war for an, at-best, moderate home in the middle of no-where with nothing to offer; Oh how I lose sleep counting the days.
With the dangling of low interest rates and happy lenders, anyone with $40 bucks in their pocket and 4-months of continuous experience wiping tables at McDonald's can get financing to buy a home.
On the surface, the sympathetic thought would be to cheer this arms-reach of the American dream, but one has to wonder what lies below the surface.
Why is it that people think a dollar earned is a dollar spent. Coming in with offers 20% higher that the asking price, which is always "the stretch" seller's would love to get on their homes if they're lucky, banking on the buyer being stupid. Well "stupid is as stupid does" in this case, over and over again. It must not be stupid if everyone's doing it? Please.
Everyone's trying to jump on the buy-bandwagon while the money's still free, but the beat on the street is that the rates aren't suppose to rise much further in the near future, and that the rate up-swing will level-off, which is just one factor that may help settle demand.
Basic economics will always prevail, and the supply of tract homes that everyone seems to love (or should I say towne homes with a fence) will eventually meet demand, supply will go up, and the value on the exitisting over-priced crap will go down, and then we can all pick up a home on the foreclosure list: Whoopie!
For me, I guess the only alternative to buying would be to rent or move in with one of you, so post a comment with your name, address, and what you typically stock your fridge with and we'll go from there. "Ok, but I get the bunk on top" (Big, you should know that)