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BubbleWatch

Former WSJ page one editor and current SmartMoney.com columnist James Stewart (see also) summons memories of his first home-buying experience in late '70s/early '80s NYC and applies some market logic to the current boom (read: we're fucked). But he still thinks first-time buyers should just buck up. "Whatever happens to prices," he writes, "owning real estate at least puts you on the elevator. You won't be stuck waiting in the basement forever while everyone else ascends to the penthouse."
· House Poor [SmartMoney.com]