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The mantra of it will sell, it must sell, it is real estate and all real estate sells after all, seems to still be operative...... or is it?

Reality has started setting in, as the end of the great real estate bull market shifts the action from the frenzied streets, which are imperceptibly starting to empty, and as the dreaded and dismissed bubble word becomes a topic at dinner parties, like it or not, dinner parties thrown by the paper millionaires who have prospered, some fear now mingling with self-congratulations, the dismissals of any failure of the new pricing paradigm of recent springs gone by not... quite... so convincing.

Just like renters got sick of hearing about the tens or hundreds of thousands of dollars people earned in a paper equity boom, renters now stand back from the impending wreckage of a housing industry built on paper-soft foundations, and wait for the outcome. The "bubble" topic will soon be banished from dinner party conversations, like those other contenentious topics religion and politics, as "the bubble" becomes associated with too much financial pain - because nobody wants to hear about impending financial doom of neighbours - or maybe they do, judging by the explosion of housing bubble talk in the blogosphere.

Renter or homedebtor or homeowner, everyone will have an opinion in the next few years about the housing bubble - like it or loathe it, it is no longer possible to ignore it, or to ignore the fact that what goes up, must come down.

On the other hand, it may be that the housing bubble in the US will spin some positive outcomes, as in this story, which describes a couple with less than perfect credit buying a $130,000 home with an interest only loan. Of course, without interest only adjustable rate mortgages to help couples like this qualify, all that is left are the high prices. Where next for the blogoshpere regarding the housing bubble?

Stay tuned and find out....