http://newsblogs.chicagotribune.com/burns-...ady-can-it.html
QUOTE
Home prices rose in August at such a rapid pace that Yale University Economist Robert Shiller, the housing guru, dragged out the "B" word.
In an interview on Reuters Television, Shiller said home prices have shot up in recent months to levels that may be unsustainable, and in some parts of the country approach "bubble territory." How could a market down and out for three years suddenly re-inflate into a bubble?
In San Francisco or San Diego -- bubble territory, by Shiller's reckoning -- prices have advanced firmly past the January level.
Basket-case markets Detroit and Miami, meantime, still clock in well below where they stood in January. As Mr. Bubble well knows, all real estate is local.
In an interview on Reuters Television, Shiller said home prices have shot up in recent months to levels that may be unsustainable, and in some parts of the country approach "bubble territory." How could a market down and out for three years suddenly re-inflate into a bubble?
In San Francisco or San Diego -- bubble territory, by Shiller's reckoning -- prices have advanced firmly past the January level.
Basket-case markets Detroit and Miami, meantime, still clock in well below where they stood in January. As Mr. Bubble well knows, all real estate is local.
