[Petronski]

There are local real estate markets with inflated prices. There is no nationwide "bubble" worth the sturm und drang you hear from the goldbugs and blogpimps infesting FR, but all that weeping and rending of garments does help make the American public feel terrible about President Bush, all to make Nancy Pelosi first in line to be Commander-in-Chief.

And don't call me Nelly.

[durasell]

Right, there are places where you can still buy a house for under $100,000. And there are no bubbles in these markets. However, the amount of money and jobs linked to places like Southern California, Florida and NYC is substantial and could impact the rest of the economy.

To the best of my knowledge, the President is not slipping into a century 21 blazer and sneaking out of the White House in disguise to sell homes in the latest McMansion development or saying things like, "They ain't making any more land..." in speeches.