Is the Housing Bubble Back?

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Yesterday I read a post by Karl Smith suggesting we might already be headed into a second housing bubble. His argument was a little convoluted, though, so I filed it in the back of my brain and continued with my day. This morning, though, I read this in the LA Times:

Southern California’s housing market ended the year with sharp gains, rounding out the first solid year of sustained improvement after nearly five years of real estate malaise….The region’s median home price registered a sizable 19.6% pop in December compared with the same month last year.

….”There is no possible way that number can be sustained nor should anybody look at that as a long-term trend,” said Stuart Gabriel, director of the Ziman Center for Real Estate at UCLA. “We haven’t shifted from bust back to bubble, and nobody should think we have, and nor likely will we.”

Hmmm. A 20 percent gain? Sounds pretty bubblish to me! I guess time will tell whether Smith or Gabriel has the better of this story.

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SIX TRUTHS

Reclaiming power from those who abuse it often starts with telling the truth. And in "This Is How Authoritarians Get Defeated," MoJo's Monika Bauerlein unpacks six truths to remember during the homestretch of an election where democracy, truth, and decency are on the line.

Truth #1: The chaos is the point.

Truth #2: Team Reality is bigger than it seems.

Truth #3: Facebook owns this.

Truth #4: When we go to work, we're in the fight.

Truth #5: It's about minority rule.

Truth #6: The only thing that can save us is…us.

Please take a moment to see how all these truths add up, because what happens in the weeks and months ahead will reverberate for at least a generation and we better be prepared.

And if you think journalism like Mother Jones'—that calls it like it is, that will never acquiesce to power, that looks where others don't—can help guide us through this historic, high-stakes moment, and you're able to right now, please help us reach our $350,000 goal by October 31 with a donation today. It's all hands on deck for democracy.

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