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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.
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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.


Maybe so, but your anecdotal evidence is not compelling.

If you go by the price-to-rent ratio, it certainly doesn't seem like a bubble at that point.

http://www.calculatedriskblog.com/2008/09/price-to-rent-rati...
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