Housing: Taking A Bubble Bath To Reality Tuesday, 30 September 2008, 10:39 am Hugh Pavletich writes: Unfortunately – too many within the economics, urban planning and property appraisal / valuation professions – who have been "schooled" in markets, but not actually "educated" in them with practical experience – have failed professionally - by not informing policymakers and the wider public of the real costs and consequences of housing bubbles. Indeed – many have been more than willing to act as "cheerleaders" for these bubbles. Experienced property development practitioners ("market developers") know to exit bubble urban markets as soon as possible – because in reality with land and construction inflation, they are in real terms paying tax on illusory profits and left holding "bubble value" land and property, which will crash at some stage. So if their development businesses do not fail because of cash flow problems in attempting to deb...