I am by now vary wary of the endless parade of housing market boosters on Bloomberg TV, most of whom apparently take great offense to our pink friend who's selling a bucketload of shirts. Frankly, I wish that coverage weren't so one-sided. Paul Krugman said in his New York Times column that Americans make a living selling each other houses with money borrowed from the Chinese. That, of course, is a bit of an exaggeration, but the truth is close. 40% of the jobs spawned after the recession are housing-related. American foreign indebtedness, particularly to the Chinese, is at an all-time high and is showing no signs of stopping. If the $hirt fit$...
Posted by Emmanuel | 
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I mentioned the same item also, and Barrons covers it today -- but . . .
I cannot quite put my finger on precisely why the entire world declaring a housing bubble exists makes it less likely to be so at the moment.
Perhaps all the declarations of the housing bubble are the equivalent of Wall Street's Wall of Worry. (Note that the cliche is that markets climb a wall of worry).
http://bigpicture.typepad.com/comments/2005/08/anyone_can_spot.html