Where to start. First off prices have not topped out. No data indicates that is the case. in fact the recent news points the opposite way. Banks are releasing homes into the market. They have for the past 5 years. With the recent spread on yields they will increase loans since they can NOW make money doing so. The re-sale numbers was 2nd best on record for last 5 years. the price surge also indicates the demand is there. The problem wasn't amount of foreclosed homes, warehoused homes, or delinquent homes. It is the strict requirement to buy a home. Now that banks can make more money lending than borrowing from the fed at a guaranteed profit they will start doing so.
When discussing the FED's rule changes it is pointless. that's like saying had the FED not lowered interest rate after the crash we would have no growth. They are the all powerful decision maker for economic growth. Like it or not we deal with the current situation. Nothing in the current situation suggests any major change will derail this market.
On all the other arguments like unemployment and wage growth that too is pointless unless you have seen a correlation with corp. profits. Today we have the best employment levels in 4 years. Today we also have bond yields still near record lows. Today the consumer has not shown they are contracting. Today there is nothing on the economic front to suggest a major slow down is happening. The only concern, and rightly so, is earnings and projected expectations. that will drive the next bear market, not some idea of a collapse in confidence leading to major defaults. AT least not yet.
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