We like the Meyers data for new home projects. If this market goes the way previous years have gone, it will be financially influenced first (incentives before prices drop), then locational (some areas will go down faster than others), then market level (whatever price level is most influenced by rates will be affected the most)
There has been a lot of discussions about the "bubble" in/on all the real estate sites (Inman
www.inman.com/ ) The conclusion thus far is no conclusion. I think refinancing at these historically low rates is ok, I'm not sure I would buy at this time.
http://www.meyersgroup.com/homebuilding/homebuilding.asp