Mish laments the US housing bubble

Clearly many places in the US are in a housing bubble but no more so than the big coastal cities.  Mish laments that fact here.  I don't think he will be lamenting it much longer.  I think a lot of these properties belong to boomers who are in their twilight years.  When the boomers die, their kids will not want to pay the ridiculous property taxes and they will sell the houses for whatever the market will bear.


If you are in the market for a home, best to put it off for another 3-4 years.  By then the collapse should be obvious. 


First pullback target is to the level of the prior 4th but this is an expanding wedge so it could be much deeper.  If misery loves company than look no further than Australia, Canada and large Asian cities like Hong Kong.  They will be collapsing even harder from a percentage perspective.  If you are in a state where prices have not gotten stupid yet it will just be a bump in the road because I think most of the damage to the average will come from places like CA where people are already fleeing the high state income tax, high auto insurance along with overpriced shoe box houses.