Chicago Tribune: Housing Bubble Talk Bursts Euphoria

Went to the gym and did a combo set of curls, lats and shoulders and was having a Hungry Person at Stella’s (sausage, ham, bacon, scrambled eggs, wheat toast and fresh fruit). I was at the counter since the restaurant was packed. I usually grab a lonely newspaper from a previous patron. In this case the Sunday Tribune front section:

Richard DeKaser, chief economist for National City Bank in Cleveland, has tracked 20 years of single-family home prices for 299 metro areas around the country and doesn’t place the greater Chicago area in what he calls the "red zone," the 53 markets, representing 31 percent of the nation’s housing market, that he considers "extremely overvalued" because prices exceed statistical norms by 30 percent. "But Chicago isn’t far off–it’s overvalued by 19 percent," he said.

Suddenly this guy at a table to my left starts yelling: That’s me! That’s me! And then I realize he’s hollering to me. Turns out he’s the fellow interviewed for the article I was reading. His name was Joe and he was putting off buying a place because of concerns about the housing market downtown.

Freaky! 

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