Housing market heating up, if not bubbling yet

home pricesBy Robert J. Shiller | The New York Times

Home prices have been rising rapidly, so much so that there is talk that we are entering another national bubble.

In fact, according to the S.& P./Case-Shiller Composite-10 Home Price Index, which Karl Case of Wellesley College and I developed, home prices in the United States were up 18.4 percent in real, inflation-corrected terms in the 16 months that ended in July. During the housing bubble that preceded the 2008 financial crisis, the largest 16-month increase wasn’t much bigger: 22.7 percent, for the period ended in July 2004.

Is it possible that we are lapsing into what I call a bubble mentality — a self-reinforcing cycle of popular belief that prices can only go higher?

Continued:

Also: Forceful mayor’s drastic plan to stop foreclosures 

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