re: How much of the new housing "boom" is real vs. speculation?

Depends on market. Despite the re-boom, housing prices in TN are still depressed from pre crash levels. Interest rates as of the last two weeks are now about level. The price of materials have not gone down, and supply is at an all time low. New construction here is through the roof.

Williamson County, TN is expected to add 150k jobs in the next 5 years. Assuming we hit 75% of that target, there is not even close of enough supply, so my opinion is we'll see no slow down whatsoever, and that home prices are still healthy, and rates are becoming healthier every day