How to Tell If We're Really Entering Another Housing Bubble

Earlier this month, Peter Wallison, a senior fellow at the American Enterprise Institute, wrote a piece in The New York Times warning that another housing bubble was sneaking up on us, and the Internet has been gnawing over his pronouncement since.

Much of the debate has focused on Wallison's long-standing take that government policy caused the last housing bubble. But here is his explanation in the Times for how we'll identify the next one: