Grandich's take on the housing bubble

Here are the latest words from Peter Grandich concerning the housing bubble within the Blue Chip & Income Report.
"Bubble or not, the residential real estate market is playing an ever larger role in the health of our domestic economy. Since 2001, two out of every five jobs created in the private sector have been tied to the real estate boom, according to a Merrill Lynch economist. What’s more, 70 percent of the rise in household net worth in recent years can be attributed to gains in home values. Americans used to consider their home a nest egg. Now the home appears to many as a magical ATM machine.

"Homeowners doubled the amount they took out of their home in cash this quarter compared to the same quarter last year. That cash-out figure was 16 times more than back in the mid-1990s. What short memories some people have. I remember how so many people felt after the stock market tanked in the new millennium, stating how they were foolish to be so much in the stock market. Now many of those very same people tell me this time it’s different- they’re in real estate! Oh boy...."