You heard it here first...

I've been saying for years that the rise in home prices is the result of mass psychology and erroneous beliefs and unrelated to actual values...here's someone who agrees...
dumbasses


Mike Swanson and WallStreetWindow

Yes, there is a housing bubble!

Yesterday morning I took my car to get worked on. They gave me a loaner, so while I waited I drove to the nearby Borders Book store. When I got there, I made my usual bee-line for the business/financial section.

Two years ago, there were two full rows of stock market books in this store. Now there was only a half a row. However, there are now almost two full rows of books telling you how to get rich buying real estate. They included titles such as Real Estate Miracles, Why Real Estate Will Go Up in Value for 10 Years, The Baby Boomer Vacation Real Estate Boom, The Weekend Millionaire’s Secrets to Investing in Real Estate: How to Become Wealthy in Your Spare Time, Flipping Properties: Generate Instant Cash Profits in Real Estate, How to Buy Real Estate and Walk Away with Cash, and the aptly titled Real Estate for Dummies.