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I'm unsure of the market right now and am, like a lot of people, taking my 1-1.5 percent inflation loss on savings right now rather than committing anything.
That said, you left one important factor out of your list of options -- the tax advantages of real estate. While real estate doesn't make much money in the short run (will probably lose money for years, in fact), the tax advantages are supreme. With the mortgage interest writeoff from a home, plus depreciation and other expenses on a small income property, Uncle Sam will see very little of your cash. And yet despite these "losses," your investment grows over time. This is a wise move for the energetic person who makes a good income.
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