Biggest bubble ever

Here is yet another confirmation of what most of us already knew (and others refuse to admit) - the housing bubble is the biggest in history. It is not supported by fundamentals and is predominately driven by speculation and psychology.

Housing boom is biggest on record
Economist: Increase in U.S. prices possibly psychological

"The recent housing boom is the biggest the United States has ever recorded, but its underlying reasons may have been psychological, economist Robert J. Shiller said on Friday. New data also suggest the market might be at the end of a cycle, he added."

"The only time since record-keeping began in 1890 that compares to the recent residential real-estate market is just after World War II, the Yale University professor said during a presentation on U.S. home prices, held at Standard & Poor's in New York and broadcast to journalists on the Web."

"I don't see why home prices should be shooting up that strongly," Shiller said, adding that speculation may have played a role. "It's a sign of concern."