If it looks like a bubble, smells like a bubble and tastes like a bubble, it must be a bubble.
Or is it?
The smart money now says the U.S. housing market, overall, is not in a bubble. But at least one part of the market certainly looks pretty frothy — the mushrooming “subprime” mortgage market for borrowers who can’t get standard loans. Now that bubble seems to be bursting.
On Wednesday, the large mortgage firm HSBC Holdings, a big player in the subprime market, said its .... Read More...