That may not be the worst thing, given the excesses that led the the bubble bursting five and a half years ago, but Alpert thinks one of the knock-on effects is housing demand from institutional investors masking the fact that shadow inventory is still a significant overhang on the market.

FORBES: Fannie Mae Rides The Wave Of U.S. Housing, Books Record Profit

They purged excesses in capital spending and inventory accumulation and happened every five years or so.

FORBES: Magazine Article

It appeared on our cover more than five years ago in what we saw as a rebound from the excesses of the phone boom of the 1990s.

FORBES: Another Look

Some excesses have been abolished, such as flat-rate travel expenses often worth five times the actual cost of an air ticket.

ECONOMIST: Charlemagne