THIS HOUSING BUBBLE WILL END BADLY, TOO, Kevin D. Williamson warns at NRO:

[H]ousing prices are going up for the same reason that college tuitions are: because the government facilitates lending people money at concessionary rates to purchase them. The Fed has, despite the occasional sobering gander in the direction of reality, been keeping the cheap-money sluices pretty much wide open. The federal regulators have loosened their grip over Fannie Mae and Freddie Mac’s lending activities, and, according to a Fed report released Monday, banks are once again loosening up their lending standards.

This ended badly the last time. It’ll end badly this time, too.

Read the whole thing.