They say you can never tell that we are in a speculative bubble until it's too late. Part of the nature of a collapse is that it surprises everyone. This was true in nearly every example throughout economic history. In 2008 very few people were sounding alarm when it came to housing. The common belief was that we were not in a bubble instead we had reached a permanent high plateau because valuations were now fairly priced as part of some sort of new paradigm. And this belief sounds eerily similar to what is going on today. Are we in a bubble? And when will the collapse come? That is the question everyone is trying to answer following some absurd developments in the housing market.

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