Agreed, in the same way that "it's not paranoia if they really are out to get you," in this case "it's not a bubble if the skyrocketing prices have a real found

Agreed, in the same way that "it's not paranoia if they really are out to get you," in this case "it's not a bubble if the skyrocketing prices have a real foundation" -- in this case, a severe shortage of supply that is not forecast to improve. It's not even a good investment when it comes to one's primary home. So your property went up 60% in ten years -- so did the one you'll have to buy if you sell it. The newspapers abound with stories of houses that earnt more in a year than their occupants did.