This is part 1 of a multi-part post. I am going to argue that:
1. housing is not in any renewed “bubble,” but
2. purchases by foreign buyers have become an increasingly important component of the rise in US house prices.
3. outside of housing, the US is in outright deflation, so
4. the Fed should not raise interest rates due to house price inflation.
5. Further, the crash of stock prices in China may make house price inflation a moot issue