Yep, it's another housing bubble

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Four months ago something troubling happened in the housing market. The home price affordability index tracked by the National Association of Realtors slipped below it's long-term trend line, marking a possible beginning of a housing bubble.

On Monday, we got the fourth month of home affordability data coming in below trend, which is a strong confirmation that the housing market is once again in a bubble. (The NAR index is published with a two-month delay, so the latest numbers are for July).