Some readers are guessing what phase of the housing bubble we are in. "Have we finally passed the denial stage in the unwinding of this bubble?"

Another said, "I was thinking the same thing. My take has been that lately I have noticed the media as well as 'experts' who have been bubble doubters (or deny-ers) in the past have been jumping on the band wagon. The latest of course is the CNN-Money article declaring 'the bubble is over.' How many of these past naysayers will jump on this band wagon, and say they knew it was a bubble all along as this thing unfolds? Ah, memories of the tech bust, can you say Jim Cramer?"

Yet another replied, "Have we finally passed the denial stage in the unwinding of this bubble? Alas, not. A very good friend of mine just informed me she bought a condo in Lafayette, CA on Sunday! Hasn't even listed her home yet. Plans on getting a bridge loan or equity loan to buy this condo. Whats worse, is she cant transfer her prop 13 tax base, and now she will have HOA dues."

"Oh well, I will just keep my mouth shut from now on. And no, sheeple are still buying homes."

The Telegram reports that denial depends on where you live, in a article titled 'Realty Check.' "The Central Massachusetts housing market has cooled as available inventory has risen and interest rates nudge upward. 'From what people are telling me, the housing market has (hit a plateau),' said (builder) Paul A. Gemme. 'We went through the transition from a seller’s market to a buyer’s market late last fall."

"'Sellers feel they have to lower the price. When inventory is plentiful, it’s a buyer’s market,' said Mr. Gemme. 'You’ve got to keep prices down,' he said. 'I’d hate to be sitting on specs right now. Some developers are.'"

"Judy Leonell, a realtor in Mendon said the slower market is having an effect on building, as builders shy away from competing with a larger inventory of homes. 'Things are hanging around a lot longer,' she said. 'Builders are no longer in a hurry to purchase land. They used to call and ask, ‘What’s available?'"