U.S. housing bubble may pop

More on the housing mania.In California,Merrill Lynch economists Sheryl King and Claudia Lokody warn:

"Six cities in the Golden State – San Diego, Riverside/San Bernardino, Los Angeles, San Francisco, San Jose and Sacramento – are well in bubble territory," they wrote.

"On average, home prices for these six cities, which represent about 70 percent of the state's population, have risen about 75 percent since the start of 2001. Per capita income growth has averaged around 3 percent since this time."

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