Ample articles have recently pronounced that the housing recovery is well on its way. Most appear very surprised at the increase in housing prices, or enthusiastically discuss the recent increase in demand.

While this may be true in the short- to mid-term, a contrary view would hold that there will be two times in the first half of this century that the U.S. will see the boom and bust cycle manifest itself in the housing sector, that there is no doubt what has been recently called the housing recovery is nothing more than a reflation of the housing bubble that burst in late 2007.