The bulk of the nation's economists and economic reporters somehow managed to miss the $8 trillion housing bubble. Somehow, they still seem to be missing it even as it explodes around them. The latest Case-Shiller index shows that house prices are now falling at an 11.3 percent annual rate, which would destroy over $2.2 trillion in housing wealth in the course of a year. Somehow the Post's front page article on recession risks didn't think this was worth mentioning, nor apparently did any of the experts who were cited.
--Dean Baker
