Yes there is a land bubble. Some economists at the Federal Reserve pointed out in a recent piece that land had increased as a proportion of the total value of a property (land + residence) by a huge number nationwide – I want to say around 25% or more. In certain areas like California land has almost doubled as a percentage of the total value of a property. So, yes, ultimately the bubble is in the underlying land much more so than the structure on top of it.
