Is There a Housing Bubble?

Peter Chulup believes that the best test for identifying a house, whether a housing bubble exists is to look for discrepancies between the user cost of housing and the rental yield. Bob Greene: Most are so predictable and slow, why would home prices be jumping up and down? Yeah. And the actual past movements in home prices didn't predict changes in rents of any magnitude similar so far. It could be that people are processing information about future rent changes that didn't happen and capitalizing that into home prices.