Long term prospects for WA real estate

I read an interesting piece in the WA realtor magazine's summer issue positing that prospects are good for the long term health of WA's residential real estate industry. Apparently WA's immigration rate ranks 4th among all states, with newcomers accounting for 55 percent of WA's population growth in the last decade. Many immigrants who would otherwise have bought homes in WA have been hobbled by the poor economy or their inability to sell a property elsewhere. As those conditions ease, pent up demand and a desire to take advantage of lower prices & interest rates will buoy the local real estate market. Perhaps an improvement in the overall economy would float WA's boat a little higher than others. My question is whether we'll have a strong enough improvement in the economy without the threat of inflation causing the Fed to finally increase interest rates. As always, it's a wait and see...