U.S. Housing Bubble ?

Very absorbing article on a potential U.S. housing bubble, with implications for the wider global economy.

Many of the quoted statistics are verifiably true. Ratios of consumer debt to home equity and consumer debt to disposable income are at historically high levels right now, interest (and hence mortgage rates) are headed higher in the short-term, and foreign interest in U.S. sovereign debt continues to decline.

This article lays out some scary prospects that really don't take too much extrapolation from the facts.