THIS TIME IT’S DIFFERENT! Why the boom in US home sales is not a bubble. “Economists argue This time is different. Tight supply and rising demand—not lax lending standards—are driving the current boom. So while the housing market in 2006 was a bubble waiting to pop, this one appears to reflect the entry of a new generation of buyers into the market, and the plausibly long-lived disruptions of a global pandemic.”

If it’s not a bubble, it’s because it’s inflation.