It's time to shift the arrow.
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Yes, Mish readers I am pleased to announce that housing has now reached "A permanently high plateau". I offer the following quotes from a New York Times article as evidence:
"I think we don't expect prices to continue to rise at this pace, however, we don't see a bubble bursting either," he said. "I don't recall a real estate bubble ever bursting that wasn't preceded by bad economic conditions or some dramatic shock, and nobody is predicting any of that right now."
"The interesting thing we're seeing is, it's a very stable, brisk market," said Steven B. Schnall, the president of the New York Mortgage Company, a mortgage lender. Mr. Schnall pointed to continued low interest rates as the most important factor in the market. "I don't see prices continuing to skyrocket," he said. "They've reached a very high level and this almost appears to be a new normal, and interest rates are helping that."
Flashback ...
"Stock prices have reached what looks like a permanently high plateau."--Irving Fisher, esteemed economist, October 1929
For a visual picture of where the arrow now sits, please consult this chart and mentally adjust the arrow a notch to the right.
In case you missed it, here was the Home $weet Home top call.
Local markets may vary slightly.
Mike Shedlock / Mish
http://globaleconomicanalysis.blogspot.com/
