I tell you, the bottom is going to fall out.
Okay, I am not an economist by any stretch. I agree with you on this, but what do you feel will be the repercussions? Being in Mighigan I KNOW the ramifications here because of the auto industry. What about other states and the possible effects?
The inevitable, impending "bust" is going to be disastrous.
I agree the bottom will fall out. It's the crude oil speculation bubble that will burst not the housing market. Funny how all the rampant speculators on the commodity markets like to explain their irrational bidding war on current events, any current event. The fundamentals are not there to support such a high price per barrel over the long term. Look at industrial output, demand for crude, worldwide inflation and the facts don't support the price. All of the REAL petroleum experts expect the price go through an ice bubble like correction and soon. A warm winter, a US recession a stable(or more stable) Mideast could facilitate this.