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Mark Gongloff

On Second Thought, Maybe Housing Was in a Bubble After All

Prices kept rising as interest rates rose, something we haven’t seen since before the last housing crisis.

This was on the market for five minutes.

This was on the market for five minutes.

Photographer: Artur Widak/NurPhoto via Getty Images

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Bubble identification isn’t easy, requiring careful analysis of both data and vibes. You must also beware of personal biases; Bitcoin at $70,000 was clearly a bubble to most of us, but blockchain hypebeasts had incentive to insist that no, it was the children who were wrong.