A brief excerpt:
What we have is a game of musical homes, and the intervals of house-hopping are getting shorter and shorter. People have eyeballed the ballooning deficit, the shrinking dollar, the arms and legs it costs to buy a tank of gas, and the ever-creeping mortgage rates, and they've all come to the same conclusion: The music is going to stop soon. Meantime, prices continue to go up, up, up. ...
We love that our house has appreciated so much in value since we bought it in 1999. We're less excited that everyone else's homes have gone up so quickly with it. The rise is dizzying, as is the calculation of whether we'll be able to sell our home and afford another. Could we be the ones left standing with no home when the market crashes? Or worse, what happens if we take on an inflated mortgage, only to see a market correction in the next year?
Read the rest and then discuss here.