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Housing is usually in lock step with the economy. When the economy is good, housing raises. When it is down, housing falls.
Until the last bubble, when the economy went south, the Feb's low interest rate + careless lending = housing bubble. The last housing bubble was created amid an economy downtown, first time I've seen something like that.
What it means is that if you think the economy still has legs (and I certainly do), it means housing will go up even more. Yes, if you think housing is expensive now, wait until five years from now when it's even more expensive. And then when the economy runs out of gas, housing will either go down with it, or the the old trick of lowering interest rate + careless lending will once again prop up the housing amid an economic downturn.
Me, I think we are still in the 3rd inning of a housing boom.
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