it was a bubble in 2000, and 2001, and 2002, and 2003 and 2004 and now in 2005.
isn't the very definition of a bubble a short rapid rise in prices followed by a quick drop? True, prices have risen dramatically in many markets and have done so year after year. Does that mean it will continue to go up double digits? no. does it mean it has to drop 50% (and take PHM's shares along with it)? hardly.