A different kind of housing bubble

 A different kind of housing bubble

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Good morning. I have eaten all the Halloween candy and I am crashing, which helps explain the generally bearish tone of today’s letter. Perhaps my bullishness will increase with the approach of Thanksgiving? Email me at robert.armstrong@ft.com or Ethan at ethan.wu@ft.com.

What kind of real estate bubble is this, anyway?

One of the common responses to the meltdown at Zillow’s home buying business last week was to suggest it was one of those ominous events that signals the end of a euphoric market. The analogy used by a colleague of mine was the blow up of two Bear Stearns-backed hedge funds in the summer of 2007.

This response makes sense, inasmuch as…

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