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I'm sure there are pockets of resi RE that are heating up, some perhaps dramatically, but there is nothing remotely to suggest we are anywhere near a bubble stage looking at the data.

You say MD is 'getting crazy with homes' but then immediately point out it's backed by 6-figure jobs in multiple industry.

That sounds like simple Supply/Demand Econ 101 to me.

CNBC had a segment yesterday on the high-end in NYC is falling hard. Quite the reverse of the bubble era.

At the peak we were doing over 7m existing home sales a year now that number is 5.3m with a larger population.

New home sales were 1.4m back then now 626k. Hardly a bubble.

Which is not to say with sub-2% rates another one may not be brewing, but it's gonna take a few years.
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