[Porsche-O-Phile]

I'd stay far, far, far, far away. And then a few steps further than that.

Aside from the fact that eventually the government will either run out of money to stop bailing them out or there will be a public backlash preventing them from doing so, it's not ethical to simply "buy now, let everyone else pick up my slack later". It's just not the right thing to do.

If you can in good confidence say that you can absolutely afford the payments over the life of the loan (think unemployment, layoff, medical emergency, etc.) and not be in over your head requiring a bailout later, then go for it. But in most places prices are still way, way too high when compared to rental rates or to gross household incomes.