Mission Accomplished?

Three of these articles are about high home prices, and, more generally, the “housing bubble.” Notice that the fifth article talks about a decrease in prices in an area that is 36% overvalued.

I just had the privilege of buying a condo at a 50% premium, according to the same article I just linked here in San Luis Obispo. Sigh.

So, I guess I’m wondering two things (1) does this mean last week’s rate hike did what they wanted and are they over, and (2) how do I play this?