Shelter Glut Could Prove to Be Bubble's Demise

Like it or not, most asset bubbles end the same way.

Back in 2000, the first signs of trouble surfaced when various tech-related firms grudgingly began to report overcapacity. After years of exponential growth, inventories were building faster than they were going out the door, which is to say, faster than consumers were consuming end-products.

In that respect, Thursday's report on January housing starts, which is a good indicator for inventories of new homes coming on the market, might shed some light on the state of the housing bubble. ...