Mr. Pine's highly-levered house.Here's the thing.
Houses have increasingly been treated like quasi financial assets, financed like a "portfolio asset".
The problem is that, unlike financial assets, housing prices don't move in reverse too easily, and then simply catch their footing.
So, even if there is no bubble, there can be medium-sized trouble (assuming big-trouble is reserved for bubble-trouble).
(I know I promised a longer post on this earlier, but it doesn't look like I'm going to have time to write it. So, here is a shorthand view.)
