No. The federal reserve is destroying this country by printing endless currency in an attempt to inflate the housing market. Housing is still deflating, I don't care what any one says, it is still in deflation mode. The federal reserve announced "operation twist" a few months ago. What this is is the federal reserve selling the short duration treasuries to buy the long dated treasuries. This will depress long dated notes. This WILL continue to depress interest rates, which is the entire attempt. Their logic is if they depress interest rates on long dated yield that will incite mortgage rates to continue to fall to levels beyond comprehension, and thus lower the deflationary housing market. They announced interest rates will remain compressed until at least 2013 (AT THE EARLIEST).
What this tells you is the housing market is no where near finished compressing. Regardless what inventory levels, etc tell you when over 6 million homeowners are underwater the housing market has a lot of room to further depress. Yet, they are trying to entice more people to enter the market by continuing to lower and/or maintain low interest rates. If someone is considering buying because he/she is afraid they may miss the low interest rates, they simply are incorrect, low interest rates will be around for at minimum a few more years.
I do investment banking, I follow this stuff frequently. Don't buy the blather that you better buy now or you may miss that rock bottom interest rate, that is nothing more than drivel. They have years to get a record low interest rate as spoken directly from the mouth of the head of the federal reserve himself, Ben Bernanke.