The housing market boom is said to have passed its peak last year. But that just means housing prices are now increasing at a decreasing rate! They are set to appreciate by 5% this year, and compounded with other increases such a gasoline prices, the squeeze just gets tighter.
"The consequences are reshaping cities and the lives of millions of Americans. They're affecting children, families, schools, hospitals, businesses and all levels of government -- from nurses, teachers and firefighters who can't afford to live in the communities where they work, to elderly renters who have been forced to leave their homes because those apartments were converted to condos they couldn't afford to buy."
The article provides a good summary of median home prices by metro areas and their appreciation since 2000. (But neglects to list the median incomes.)