The Housing Bubble 2

I don't normally tout another blog but "The Housing Bubble 2" is just too good to ignore. A poster at Vox Day pointed it out and I've enjoyed it so much.

As someone who sold a home at a loss here in Central Texas and have moved into a rental, it's great to see many others out there who think the housing market will crash, long and hard. And good to see several commenters reminding of the past including the super long bust of the Japanese real estate:
Those who cannot remember the past are condemned to repeat it.
-- George Santayana
We looked at some homes in L.A. for sale during our Christmas visit of my parents and they were unbelievable. The asking prices were in the $600k range for homes which were falling apart in a rather bad neighborhoods. It really seemed insane to me and my wife. Considering that rent is about a third of mortgage+tax payments, you can be sure we will not buy a house for some time, when we move out there later this year....