Housing boom showing its age

The San Jose Mercury says the housing boom is getting old:

Real estate fever has gripped Silicon Valley as never before, creating windfall wealth for homeowners, unprecedented debt for home buyers and a boon for Realtors, mortgage brokers and home remodelers.

In little more than six years, despite one of the worst local recessions on record, the median home price in Santa Clara County has doubled, to $714,000. And in just five years, Bay Area homeowners' equity has swelled by an impressive $234.5 billion, according to the California Building Industry Association.

For many in the valley, their homes now produce more income on paper than their jobs. The county's median-priced house last year earned $90,000 -- substantially more than the median household income of $74,509.

With housing prices outpacing incomes, danger can't be that far ahead.The valley lost jobs last year so obviously some sort of speculation is going on.Anyone in California might want to read the whole article twice.