But Malibus (Malibu?) had Location going for it. A lot (most I would wager) of the areas where prices "may" drop have little or nothing to offer. Those places will have some good deals if the bubble does pop.
Some one is going to take a bath, and it might as well be the speculators as opposed to someone the government would feel obligated to step in and bail out (again).
Another thing to be aware of is the old saying "Persistent rumors of a popping bubbles tend to lead to popping bubbles even in the absence of any other stimuli."
Greenspan is worried. He says he's worried. Presto-Chango he's proven right.
Agree with both your posts. The US isn't Hong Kong. Outside of Manhatten most places are not that built-up. Althis talk about 'they're not making any more land'...well, they don't need to. We have plenty.
What they are making more of is houses.
Greenspan uttered his famous "irrational exuberance" regarding the stock market in 1996, IRC, and he couldn't manage to kill the market until 4 years later.
Hopefully he retires before he manages the kill the housing market.