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Inventory Shortages - The Next Bubble?

Inventory Shortages - The Next Bubble?
While my company has an international reach, many of my clients are based in the Puget Sound area of Washington State which is currently a very hot area for real estate. In fact, it is not unusual in several neighborhoods for there to be more than 10, 15, or even 20 or more offers for the same property, driving the price up 10% or more above asking price.
Several of the agents I work with and their clients are concerned that this is an indicator of another bubble waiting to explode all over the area's real estate market. The last time home prices ticked up like this was just before the market correction.  So is this an inflated market or just the sign of a market continuing to find its new normal?
According to the Case Shiller Home Price Index released last week (February 25) showed that through the end of December, in the United States, home prices were up 11.3% overall which was the best year since 2005 according to the Chairman of the S&P Dow Jones Index Committee, David M. Blitzer. Some standout markets in 2013 included:

Several of those ... more

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