by John Rubino
Dollar Collapse
Since we’re in the “everything bubble,” it kind of follows that real estate — one of the things about which people with more money than sense tend to get most excited — would be rocking. And it is. But bubbles are about more than rising prices. They’re also about behavior, to be specific behaviors that hardly anyone would consider wise in normal times. So beyond record-high prices and record-low affordability, here’s how we know US housing is now an epic bubble:
The typical US house now sells in ONE WEEK
Normally, when you’re selling a house you price it hopefully and then wait for just the right person – i.e., someone with unique needs that are met so perfectly by your house that they’re willing to pay close to your price – to come along. This used to take time, because people like that were by definition rare and there was no way to predict when they’d show up.