Housing schizophrenia

Every week I'm treated to a new story about how out-of-control the area's housing market is, and how we should all be concerned about the frantically unrestrained housing bubble that will burst, leaving us all penniless...or something like that.

The latest buzz has included discussions about how homes are appreciating month-to-month at rates equal to last decade's annual appreciation. Woe is us!

Well, today comes this. Signs that things are leveling off:

Home sellers counting on the bidding wars and quick deals that have been driving Phoenix's housing market this year could be disappointed in the months ahead.

There are early signs the Valley's biggest home price gains have already played out during this boom, and now home sales and prices are approaching a peak.

And all this time we're supposed to have been worrying over the mad pace of home sales in the market and how it was going to ruin us?

"This housing bubble will not explode. It will just deflate," said Elliott Pollack, an Arizona economist and realty investor.

Yes, and as the article points out right before Mr. Pollack drops his wisdom-bomb: But real estate analysts don't expect home prices or values to drop, just to flatten out or increase much more slowly. Home sales remain on a record pace, and the number of houses for sale are half of what they were a year ago.

Kind of what I've been saying all along...how come they never call to quote me?