Housing Bubble 2

I’ve read a few pieces like this one, documenting the sudden spike in home prices and the rush to buy with all-cash purchases. What the linked article does less well than some others is to explore how much this new bubble is being pushed by investors with deep pockets looking to buy up everything for some theoretical future where regular Americans have money to buy again. At least the bubble of the 2000s was backed by relatively stable employment for many (and of course way too much credit). This is backed by nothing at all, with everyday Americans continuing to live lives of contingent labor with great instability and no way they can buy expensive homes with cash.

….YankeeFrank in comments points us to a much better piece on this issue over at Naked Capitalism.