It must be offical then, the housing bubble, because Forbes says so. I do wonder how many folks got in their short positions during that last few months so as to make a killing?

The housing sector exchange traded fund ($HGX) dropped 3 percent today, Friday, August 5, 2005.

Can the Fed negotiate a soft landing for real estate, or will their ongoing tightening prick a bubble and cause a hard crash in housing prices? No one can answer that with certainty. But historically, it’s difficult to let the air out slowly, even with aggressive Fed easing. In spite of a record 11 discount rate cuts in 12 months, the landing for technology stocks was anything but soft.

Forbes.com: Wall Street's Fate Caught Up With Housing

So while Alan Greenspan tries to assure U.S. markets that real estate is not in a bubble (and even if it is, it’s not the Fed’s job to manage the bubble), we personally believe his tough rhetoric and actions are focused directly at that sector. Let’s hope he’s more successful than he was in dealing with the Internet bubble.

Erie parallel. But what is new? Nothing. I called it nearly three years ago and refused to peddle real estate until the bubble washes out.