Existing Home Sales Decline As Rates Rise

Slowly but surely the market is catching up. See: Existing Home Sales Decline As Rates Rise - Yahoo! News

Sales of previously owned homes dropped 2.6 percent in July as mortgage rates crept up. ... Federal Reserve Chairman Alan Greenspan has warned of "speculative fervor" in some local housing markets that may be pushing prices up to unsustainable levels.

I feel like it's 1999 and we are sitting arround talking about how the stock market is overvalued and how it just has to crash at some point - there were plenty of people who said that was impossible - and there were the people who knew it wasn't if, but when. The only question with housing is when, not if.