Where are the Greater Fools?

Where are the legions of greater fools that were supposed buy the overpriced properties during this season in the bubble markets? Many of the greater fools are missing in action. [I am not implying that each and every single buyer who buys now is a greater fool]

Demand has fallen as there are significantly less greater fools showing up to buy properties this spring. Spring is the busiest season for real estate and typically when prices rise the most. The hope was that with the spring season a large amount of buyers will swoop in, raise demand, and significantly bid up prices.

Real estate 'guru' Blanche Evans wrote on January 23rd "What about housing? There's a lot of positive news that suggests that housing may have had its "rest." Spring might catapult housing into another record year." It didn't happen. Not enough greater fools showed up this spring.

Inventory continues to increase in the bubble markets as prices are either declining slightly or remaining flat. The false hope of the 'spring boom' is being shattered by the harsh reality of a declining housing market. This year, there has been a noticeable decline in the amount of greater fools buying in the bubble markets.