A Mini Housing Bubble?

McArdle thinks so.

It's hard not to wonder if the Fed's current low, low interest rate policy isn't touching off another little mini-bubble--not as destructive as the last one, but likely to leave some couples hurting when rates rise and prices fall. 

Am I being too much of a worrywart? Maybe. But the trend of the last decade or so is that Fed loosening seems to show up less and less in general prices, and more and more in financial assets, or quasi-assets like housing. The stock market is booming, and the housing market is booming, even though GDP and unemployment haven't recovered. I'm not saying that this is definitely a fool's rally. But as I say, I am disquieted.

I would be, too.  My impression is the demand is fueled by low rates versus stable income, but I could be wrong.  It might just be a lot people putting off buying for years, too.