This comes, alas, as no surprise: in his blog, New York billionaire real estate mogul Donald Trump says there's no need to fear a housing bubble:

"With housing prices continuing to rise into the far reaches of the stratosphere, there's a lot of talk about a housing bubble on the brink of bursting. Scared at the possibility, industry watchers have been preaching impending doom, warning house shoppers to be wary of the real estate market.

As long as interest rates stay low and the dollar stays weak--which is an unfortunate situation, but it happens to be good for real estate--then there will be no burst in the current housing bubble. If interest rates go up precipitously and the dollar gets stronger, then there will be some reduction in housing prices."

So, if I'm reading this correctly, Trump acknowledges that there is indeed a "bubble," but that this one won't go "pop." It will be one of those Greenspan-esque soft landings, where prices decline in a nice, orderly fashion. Is that why Ivana Trump is now building luxury skyscrapers in Las Vegas?