Not convinced that the bubble is about to burst?
Calculated Risk posted this:
"The 496,000 units of inventory is the all time record for new houses for sale. On a months of supply basis, inventory is at a reasonable level.
This is a very strong report. The pronouncements of the demise of the housing market now appear premature."
It's the inventory stupid! Look at the inventory flooding the market in the bubble markets.
Note: Calculated Risk is certainly not stupid. Calculated Risk has many valuable insights and I am a dedicated reader of his blog. The phrase is priceless in this case.