The Dreaded Pin Prick–Approaching a Housing Bubble Near You
There are starting to be some clear indicators that the U.S. housing market bubble has reached its apex, though there are some that disagree. The signs of irrational exuberance are all to apparent. Witness, for example, the mad bidding wars for Miami condominiums that are being pre-sold, long before the ground has been broken at the construction sites. The housing markets have already headed south in much of the rest of the English speaking world.(Prices are already dropping in Australia and England.) But not yet in the United States. Today’s housing market is the embodiment of “The Greater Fool Theory“, …