I will turn the microphone over to Scott Sumner:
I was just shooting from the hip when I questioned the housing bubble view that was so popular after 2006. Credit should go to Kevin Erdmann, who produced a mountain of evidence against the bubble hypothesis in two very impressive books on housing. His view, which was once highly contrarian, has now been completely vindicated. Indeed, I don’t see how any fair-minded person reading his books could still believe in the housing bubble theory. Unfortunately, he’ll probably be ignored. The media tends to focus on academic research from top schools like Harvard, not unaccredited individuals working on their own. Better to be famous than to be right.