No market I have seen goes up forever. We seen multiple stimulus applied to our housing in sequence. First ZIRP, and tax rebates. Then more ZIRP and cash investors. then more cash investors and foreign investment. etc etc. Finally, real job growth and household formation if not wage growth has appeared. This train will stop climbing at some point. Unless another catalyst appears on the scene, my personal opinion is we are within 10-15 percent of the price top.
