I can honestly say that this is the best summary of the housing bubble I have come across, and I read a lot.

There has been a housing boom, but it is not a bubble. It is more like a soufflé with the air slowly leaking out.

The 'bubble' is a gross misnomer, a mischaracterization. The idea that we're going to see a collapse in the housing market seems to me improbable,

We've never seen this size of a housing bubble before, so in a sense we're in kind of a strange place right now.

I think what we have in store is a slow deflating of the housing bubble, not a bursting of the bubble. But if mortgage rates rise more sharply than I am expecting, then the downturn in housing could be more severe.

No one can really honestly be the very best, no one.