2013 will bring some interesting perspective on the sustainability on the current housing boom. The NAR estimates that foreign buying has picked up. In areas like California about 11 percent of all purchases go to this group. You have wage inflation hitting places like China now rushing back in. You have local families with stagnant incomes needing to compete. Last month Southern California saw a record number of homes purchased in cash. What makes up a normal housing market? Is it one with a Fed buying up most of the MBS with a $3 trillion balance sheet?

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