It's here. Just read the headlines. Add it up. It ain't brain surgery. The bubble has burst. Someone had to officially declare it, so let HousingPanic be the first.
"Yield Curve Inverts"
"New Home Sales Fall 21% in West"
"Gold Hits Record High"
"Median US Home Value Falls 4.1 % in November"
"Fed Raises 13th Straight Time"
"Phoenix Home Listings Soar"
"Tougher rules eyed on risky mortgages"
"Investors Moving out of Housing"
"Mortgage Applications Fall to 11-Month Low"
"Housing Slowdown May Claim 800,000 Jobs"
" US new home sales dropped 11.3% in November"
" Existing US homes sales drop 1.7% in Nov"
Pop. Tilt. Game over.
HousingPanic now moves from the theoretical discussion of manias, panics and crashes, and the "are we in a housing bubble" question, to the reporting of the long march downward, the repercussions, and how to best stay above water.
And away we go.