A key argument appears to be based on incorrect data. Specifically, as I write this, the OP states that the number of housing units per capita in the US is at

A key argument appears to be based on incorrect data. Specifically, as I write this, the OP states that the number of housing units per capita in the US is at an all-time high, per this plot (unless the OP changes it): https://www.oftwominds.com/photos2023/housing-per-capita8-23a.png https://www.oftwominds.com/photos2023/housing-per-capita8-23... Federal data shows otherwise. Here's the actual number of housing units divided by number of persons in the US: https://fred.stlouisfed.org/graph/?g=18r64 https://fred.stlouisfed.org/graph/?g=18r64 Otherwise, I'm reluctant to call the US housing market a "bubble," because I haven't seen the classic signs of financial mania.