Housing Bubbles?

Will Collier at Vodkapundit has an interesting post on bubble-like activity in Atlanta and the Florida panhandle. I found it especially interesting because the house we are renting this week on the beach at St. George Island recently sold for $3 million.

I know that a lot of people can get hurt if a market crashes, many of whom haven't done anything stupid. But if, or when, some of these over-heated markets do, there will be some great opportunities for people with cash. (Note -- I don't think housing is in a bubble all over the country, but a few places seem to be overheated. Where people primarily own first homes, this isn't as big a problem as it will be in an area where speculation involves second homes and investment properties.)