HOUSING BUBBLE GOES POP.

“There is no iron law that real estate must appreciate,” said Stan Humphries, chief economist for the real estate site Zillow. “All those theories advanced during the boom about why housing is special — that more people are choosing to spend more on housing, that more people are moving to the coasts, that we were running out of usable land — didn’t hold up.”

(Via HotAir). Of course, once everyone believes this it’ll probably cease to be true. Judging by the overpriced houses for sale in my neighborhood, though, we haven’t hit that point yet.