This illustration for Bloomberg Markets is for an article about the housing market taking off around most of the country. Sounds like good news, right? Maybe. But many economists are warning that if prices keep rising the way they are, we might be in store for another bubble.
Many are optimistic, especially people able to get out from an underwater mortgage. However, economist Dean Baker (whom I referenced in a previous post), among others, is warning that this could be dangerous if the market continues to rise too high, too fast. Baker warned about the last housing bubble, when so many were convinced (or at least tried to convince the public) that the party would last forever.
The article referenced the virtual feeding frenzy of the current housing market, with some homes for sale receiving fifty bids, despite almost a million dollar price tag! I tried to show that idea of frenzy in some of the sketches. You'll notice my original kite sketch shows a nearby lightning storm, but the situation isn't quite to that point yet, so the clouds are a little milder in the final.
Thank you to Corliss, who was a pleasure to work with!