housing bubble watch

Bill Bonner at LewRockwell.com covers a plain-looking cottage on a "shy acre" for $2.4 million, and Japanese dollar-buying throughout 2004: http://www.lewrockwell.com/bonner/bonner100.html
Incidentally, I recently purchased a used copy of "The Great Reckoning" by James Dale Davidson and Lord Rees-Mogg, their 1991 forecast of the coming 90's financial debacle (OK, their timing wasn't perfect) and noticed that Bonner was thanked in the acknowledgements. I know nothing of Mr. Bonner except his short but interesting tid-bits that appear regularly on LewRockwell.com.