First, bubbles don't normally recur immediately in the same asset class, because memories of past carnage need to fade before investors can be seduced back into irrational optimism. Since housing was the epicenter of the last boom/bust cycle, no one is looking there for evidence of new bubbles.

Second, the action in housing has been more gradual than in the 2000s, so it hasn't generated a lot of breathless headlines about speculators making killings with other people's money.

But this expansion has gone on for such a long time that even modest annual price gains have taken home prices back into bubble territory. And now the news is starting to reflect it. From today's DollarCollapse.com "Real Estate" links list: