On Mon, 6 Oct 2008 18:02:40 -0500, krw wrote:

In article ,
says...

snip

I'll say it again, when a property is selling at three times its
replacement construction cost even considering the acquisition and
development of the land the dwelling sits on and there is no long term
projected shortage, you know something is not quite right.

They only thing they're not making any more of is the land.

True, but except for certain classes of land there is an abundent
supply for the foreseeable future.






It
doesn't take long for 1) land prices to catch up to the selling
prices, or 2) the selling prices fall to the land prices. Long
term, the rest of the components of a house are in abundant supply -
everywhere.