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At that time, it wasn't a bubble yet, but home prices did seem to kick into a higher gear starting around 1997.

It was already kind of frothy

I think when we see where prices are after things sort out, we can safely say it was a bubble. The borrowing folks were doing against the equity in their homes was a large part of the problem.

I know the run-up of the value of my home during that period was pretty impressive, so perhaps there is some technical reason why the word bubble is inappropriate, but bubble it was.
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