Add Property Grunt to the growing list of Bubble poppers. The Fed's interest-rate barrage and general unrest at housing lender Fannie Mae, among a litany of other factors, "gravely concern the Grunt," who fears this won't end well. He writes,
What will be the result of this housing bomb? It could just be an M80 sized pop or it could be on the scale of the Mighty Thor slamming Mjolnir into the earth. We'll find out soon enough. But don?t call this a bubble anymore.Meanwhile, the Wall Street Journal leads with a piece detailing the alarming rise in housing inventory and a coinciding dip in sales. "We're hearing from some really big Realtors that there is a little slowing [in the housing market] this month," David Lereah, the chief economist for the National Association of Realtors, told the Journal. Respect the capital R, friends. These people mean business.
· Fuse Has Been Lit from Housing Bubble [Property Grunt]
· Rise in Supply of Homes for Sale Suggests Market Could Be Cooling [WSJ]