Maybe, but I didn't see anyone in the real estate business (employees, not investors) in any vertical or business saying there was a bubble until mid 2007. By

Maybe, but I didn't see anyone in the real estate business (employees, not investors) in any vertical or business saying there was a bubble until mid 2007. By that point, valuations had started coming down and financing was being much, much more selective. I stand by my point that it is strange for an industry to call out bubble repeatedly when there isn’t any real evidence of a bubble besides a few anecdotal acquisitions at what people believe to be high prices because they use a non-revenue metric. Again, I don’t know if there is a bubble or not, but it seems odd for a group to call a bubble so early unless there is already drying liquidity. I really have no idea. It just doesn’t seem as self-evident to me.