Glenn Reynolds links to Megan McArdle on the crazy housing market in Washington, DC. We lived through such housing value puffoonery out here in San Diego, ca. 2000 to 2007. Speculation based on what?
It's not just the housing prices, but the irreversible landscaping of the whole region; I noticed this back here: link
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All of the nation's money has been concentrated (through rampant borrowing) in a much larger central government in Washington DC. It's not surprising to me that there is a housing bubble there to support the beltway insanity.
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