Sep. 16, 2008 - Wake County Market Conditions - September 2008

It's that time of year again - the time when the market slows down a bit, the kids are back in school, and we get to take a look at where the market has been and where it's headed.

What is going on with the real estate market in general?

Gas prices are at an all time high, lending institutions are in total disarray (most recently we can point to the bankruptcy of Lehman Brothers, aquisition of Merrill Lynch), the US housing market is in serious trouble in a number of areas in the country, and the stock market itself was expected to recover with the housing market and that just hasn't happened. Our residential real estate market depends upon the free flow of buyers and sellers. Our market is currently stuck as many inbound transferees cannot sell their out of state residences, many of our outbound transferees cannot sell their local residences and there is a crisis of confidence among a large portion of potential buyers which is playing a role in the ability to sell. While we continue to be praised nationally for strong job growth and a healthy economy the most recent update is that our market, especially in the high price ranges, has taken a beating.

How do sales this year compare to the banner years?

2006 was a banner year in Wake County. Sales were at an all time high. I thought I'd include numbers from the MLS that indicate the change in the market year over year for your reference. Comparing August 2006 numbers with August of 2008 numbers the changes are quite dramatic:

• Supply of homes on the market is up 28%
• Number of homes under contract is down 41%
• Number of homes closed is down 44%
• Average Days on Market are up 27% (83 DOM vs 65 DOM in '06)

Time Period	For Sale	Under Contract	Sold
August 2008	11,899	1,084	1,151
August 2007	10,861	1,474	1,022
August 2006	9,328	1,851	2,073

What about the supply of inventory for Wake County in particular?

• The average supply in the Wake County area is running at 8.7 months supply. This is a significant change from the 3.7 months that we saw back in August 2006 - up 138% during this timeframe.

What about market appreciation?

Fortunately, in this area, we have not had the run up in prices experienced around the rest of the country which has helped maintain some stability in sales and pricing. And, appreciation rates have remained stable in Wake County at 4.5% vs. -4.8%% for the rest of the US in 2008.

Here are some additional market variables that a seller must consider before selling in the current market:

• Higher inventory and fewer closings have produced an oversupply of inventory in all price points above $450k
• Price reductions are up: There has been a 73% increase of sellers taking price reductions

Is there any good news in this segment?

As you can see from the change in price reducations recently it's clear that sellers are finally realizing that Wake County Real Estate is now a buyers market. Up until this fall I had a hard time convincing my sellers that the market had shifted and that, to be competitive in this market, you have to be priced in the Top 3 along with having all of the other wonderful attributes and updates needed to sell a home today. Hopefully the bailout of Freddie Mac and Fannie Mae and the competitive mortgage interest rates will help more Wake County home buyers step up and buy a few homes! Now is a great time to buy in Wake County.

Visit my website or Email me at Tracy@TracySantrock.com for more information on Cary NC Real Estate or the Triangle Market in general.

Aug. 10, 2007 - Raleigh NC Real Estate >>Why is the Triangle on Top?

Last week I wrote about Money Magzine's most recent article on the Best Places to Live in the US - like many other Activerainers wrote about their towns after the magazine came out with their rankings. 

In addition to the Money Magazine article, The Triangle News and Observer, our local newspaper,  published an article today on the front page of the Cary Real Estate section entitled, "Why is the triangle on top?"  The paper asked several agents around town what's drawing so many people to the area.  The responses were varied from jobs, quality of life, great singles town, and others.  One that I would like to add is that it's a great place to retire too. 

That said, I've compiled the 2007 Triangle Ratings so you can see all of the accolades the Triangle has received just this year.  As you can see the area is well recognized as a great place to live.  For many years this area has been the best kept secret.  It looks like the word has gotten out. 

# 12 Best Market (Raleigh) for Female Executives and Women Business Owners
Bizjournals.com, August 9, 2007

# 4 State (NC) for Biotechnology Strength in Drugs and Pharmaceuticals
Business Facilities, July 2007

# 15 City (Raleigh) for Most Educated Workforce
Business Facilities, July 2007

# 9 State (NC) in U.S. Biotechnology Breadth
Business Facilities, July 2007

# 22 Great American Town (Holly Springs)
CNNMoney.com, July 2007

# 14 Great American Town (Apex)
CNNMoney.com, July 2007

# 63 of America's Fastest Growing Suburbs (Apex)
Forbes, July 16, 2007

# 18 of America's Fastest Growing Suburbs (Holly Springs)
Forbes, July 16, 2007

# 20 of America's Fastest Growing Suburbs (Wake Forest)
Forbes, July 16, 2007

# 3 Best State (NC) for Business
Forbes, July 11, 2007

# 6 Top Market (Raleigh) Ranked for Small Business Growth
American City Business Journals, Inc., July 8, 2007

# 3 R&D Cluster Region (Raleigh-Durham)
Fast Company, July 2007

# 1 Top Home Sellers' Market (Raleigh)
Forbes, June 22, 2007

# 4 Best City (Raleigh) for Young Singles
Kiplinger's Personal Finance/Richard Florida, June 2007

# 16 State (NC) in Fairness of Its Litigation Environment
Harris Interactive Poll, 2007

# 3 Medium Market Best City (Raleigh) for Relocating Families
Bert Sperling's BestPlaces, 2007

# 3 Small Market Best City (Durham) for Relocating Families
Bert Sperling's BestPlaces, 2007

# 3 Overall Quality of Life Mid-Sized Metros (Raleigh-Cary)
Expansion Management's 2007 Quality of Life Quotient, May/June 2007

# 10 Top State (NC) for Recruitment and Attraction
National Policy Research Council, Expansion Management, May/June 2007

# 10 Top Large Metro (Raleigh-Durham-Chapel Hill) for Recruitment and Attraction
National Policy Research Council, Expansion Management, May/June 2007

5-Star Quality of Life Metros (Raleigh-Cary)
Expansion Management's 2007 Quality of Life Quotient, May/June 2007

# 8 Top Large County (Wake) for Recruitment and Attraction
National Policy Research Council, Expansion Management, May/June 2007

# 3 Best City (Raleigh) for African Americans to Work, Live and Play
Black Enterprise, May 18, 2007

# 2 Most Competitive State (NC)
The 2006 Competitiveness Award, Site Selection, May 2007

# 5 Hot Market State (NC)
Southern Business & Development, Spring 2007

# 4 Best Metro (Raleigh) Where Women Meet Men
Men's Health, April 2007

# 3 of America's Best Jobs in the Hottest Markets (Raleigh-Durham, NC)
CNNMoney.com, April 26, 2007

# 5 Top Knowledge Worker Metro (Durham)
Expansion Management's 2007 Knowledge Worker Quotient, April 12, 2007

# 7 Top Metro (Durham) for University R&D Spending
Expansion Management's 2007 Knowledge Worker Quotient, April 12, 2007

# 3 Top Metro (Raleigh-Cary) for College-Educated Workers
Expansion Management's 2007 Knowledge Worker Quotient, April 12, 2007

5-Star Knowledge Worker Metros (Durham & Raleigh-Cary)
Expansion Management's 2007 Knowledge Worker Quotient, April 12, 2007

# 10 Top Metro (Durham) for Scientists and Engineers
Expansion Management's 2007 Knowledge Worker Quotient, April 12, 2007

# 1 Best Place (Raleigh) for Business & Careers
Forbes, April 5, 2007

# 7 Best Place (Durham) for Business and Careers
Forbes, April 5, 2007

# 1 Best Cities for Jobs (Raleigh-Cary MSA)
Forbes, February 16, 2007

# 3 Best Places (Raleigh-Durham) for Value Vacations for 2007
Hotwire, January 2007

# 6 Top Tech Town (Raleigh-Durham)
Wired, January 2007

Jun. 20, 2007 - Holly Springs, NC Real Estate and Market Conditions

Despite a downturn in the residential real estate market in many areas across the country, the Triangle posted yet another record year in 2006 for new home starts and closings.

From what I can see, the Triangle housing market is in excellent shape through 2007 with a potential for significant housing equity gains, particularly for homebuyers who plan to remain in their house for the long run. In fact, the Raleigh-Cary MSA was rated #15 in appreciation in the country for 2007 by a leading housing authority. The Triangle had very favorable home price-to-income ratios and even better mortgage servicing cost-to-income ratios. The latter ratio is currently below the local historical average implying no widespread financial overstretching to purchase a home in the region.

Forbes Magazine named the Triangle Region the #1 region for Job Growth--It doesn't get any better than that. Through June of 2007 overall inventory is flat (more new homes offset by fewer resales) from last year and resales are down 4.5%. We are looking at an appreciation rate of 4.55% which is the highest I've seen in 15 years in this area.

Holly Springs Real Estate - Market Conditions Update: 

The average supply on the market is four months of inventory.

• $100-$300k price range has a supply of inventory of three months or less

• The top appreciating development in Holly Springs is Crescent Ridge at 11.05%

• The top selling neighborhood w/121 sales is Sunset Ridge at an average price of $308,901.

• Other top selling communities in Holly Springs include Holly Glen, Braxton Village, Oaks of Avent Acres, Arbor Creek, and Trailwoods. 

• The average price resale home in this area is $214,000 and the average price new home in this area is $278,000.

Holly Springs, North Carolina Community Profile

Holly Springs is a town in Wake County. As of the 2006 census, the town population was over 15,000, gaining the title of "The fastest growing town in The Carolinas".

It was 1992 before Holly Springs, in line for the spillover from burgeoning populations in Cary and Apex, suddenly boomed. Population increased from 900 in 1992 to an estimated 6000 in 1998.

Holly Springs continues to grow and evolve as the town becomes more accessible for commuters into Research Triangle Park.  Road work that will make this possible includes the new 55 Bypass, widening of HWY 1, and access to the future extension of I-540.  The Town now boasts two public elementary schools a middle school, and the new Holly Springs High School. A Wake County southwest branch library and a cultural arts facility opened in early December 2006. 

One of the most recent focuses for the Town is the development of Commercial Growth in Holly Springs.  The Holly Springs Business Park and other retail establishments are beeing built on a regular basis.  On July 18, 2006, it was announced that the pharmaceutical giant Novartis would be building a manufacturing facility in Holly Springs employing approximately 350 to produce flu vaccines using new technologies. The manufacturing facility will go on 167 acres in Holly Springs Business Park off N.C. 55 Bypass. Construction will begin in early 2007, with the first phase scheduled for completion by late 2008. Novartis' investment would be at least $267 million and eventually could reach $600 million.

Now with a brand new High School, Holly Springs High School ,  Holly Springs has new room for growth. New neighborhoods are to be built near the school, and a strip-mall is being built because of it. Many of the students that attend Holly Springs High School live in the super neighborhood complex of Sunset Ridge , a now thriving home subdivision that has spawned its own private water park, a restaurant, and a whole host of other small businesses. The entire area of Holly Springs has grown tremendously between the years of 2004 and 2006. The town has received a new strip mall with an Ale House style restaurant, a Mexican Restaurant, a Lowe's Foods, a Dollar Tree, and several other fast food chains including Quizno's, and a Chinese food chain. In another area of town, off a main road (Holly Springs Road), a Harris Teeter strip-mall was built with other restaurants and stores opening. A new strip mall featuring a Wal-Mart Super Center is also being constructed off Highway 55. New growth has expanded the population, and growth yet to come will enlarge it even more. Holly Springs is one of the few municipalities that provide team sports directly by the town for residents including football, baseball (served by four professional fields), basketball and recreational soccer. There is also a non-profit challenge soccer league called the Holly Springs Futbol Club. Holly Springs is truly one of the "fastest growing towns in North Carolina".

Jun. 3, 2007 - Raleigh NC Real Estate>>Triangle Design Trends

May. 9, 2007 - Raleigh NC Real Estate >>Triangle Continues To Receive Positive Press

I know that there are many parts of the country where the market has slowed.  Fortunately my market is not one of them.  Our area continues to receive accolades from the top magazines in the country.  Just last week Oprah named the Triangle the #4 market in the country for Single Women to meet men over 35. Well, I think she's gone a bit overboard here but we sure do like the publicity.  I've even devoted a section on my website called "Ratings".  It's quite a list. I had a client print out the list and it was over four pages!!!  The bottom line-we had over 18,000 new residents last year and over 8,000 new students in the Wake County Public School System alone.  Chances are you may know someone that's moving to the Triangle.

There are a couple of other ratings bestowed upon the area that I'd like to share:

1. America's Hottest Town: Cary, NC rated the #1 town on the East Coast in 2005.

2. Forbes Magazine:  Best City for Jobs 2/2007

3.  News & Observer local article:  4/5/2007 People continuing to move to the Triangle without jobs

4.  Another Forbes Article:  Best Place for Business and Careers

5.  For investors:  #15 Top Appreciating Market in the Country in 2007

The biggest challenge we hear people voice is the inability to sell their houses back home in their market.  As such, if you have anyone moving to the area,  I welcome the ability to serve your preferred clients with a handsome referral fee. 

Send me an email for more information on the area.

Apr. 18, 2007 - Raleigh NC Real Estate >>Luxury Home Trends in the Triangle

I think I've mentioned this previously, but I grew up in Dallas, TX in a real estate family.  I learned a lot about homes as I was growing up.  One of the things I realized is that, in Texas, everyone thinks bigger is better!!  Joking aside, Dallas is a trend setter in terms of the latest custom features for single family homes.  In my market, the Triangle market, we do things a bit slower. 

Details that showed up in homes in Dallas and Chicago a couple of years ago are now starting to make their way to the Triangle.  A couple of trends that are making it include:

• 4" recessed lights vs. the standard 6" recessed lights
• Wine Cellars- People are spending more time collecting wines and aging them not only as a hobby, but for family occasions.  We've seen an increase in the number of basements built in new homes and this provides the adequate space and temperature controls required for a wine cellar.
• Media Rooms-Movie Theatres right in your own home with "stadium seating".  This is another popular feature with luxury basement homes.
• Rubbed Bronze Fixtures-I know these have gone in and out in other areas but this is just now making it our way over the past year or so.   
• Furniture for Master Bath countertops and 1/2 Baths- The developer at Wakefield had special furniture imported from Italy used for his countertops in his personal home. 
• Travertine Floors.  Homes in the Triangle are more traditional than those seen in the mid-west, California, and Florida so most of the flooing you will see in this area is hardwood.  These floors are more "southern" and typical for the area.  In addition, the labor expense for stone floors is our market is much higher than other parts of the country. 

If you are planning a move to the Triangle and are interested in Luxury property you may want to keep this in mind.

Mar. 4, 2007 - Fuquay Varina NC Real Estate & Market Conditions

You just have to love the name.  All my clients get a kick out of FUQUAY-VARINA.  Half of them say that can't even pronounce it.  It's kind of like our #1 grocery store in the area--Harris Teeter..Go figure.

On to the real estate business in Fuquay(for short): 

 The market in Fuquay-Varina is continuing to trend upward in price and activity as are most of the Raleigh area suburbs. General market indicators have been steadily climbing for the last 3 years with 3,616 properties closed through 12/31/2006.   

Homes priced below $200,000 are becoming difficult to find except in the Fuquay-Varina, Holly Springs, East Raleigh & Southern Wake areas.  There are significant opportunities to own a home throughout the area between $300’s & the low $400's.  In general we are experiencing a very robust market here with a 2006 average of about 13,000 homes on the market at any given time. Average supply of inventory in Fuquay Varina is a bit higher than the rest of Raleigh at five months of inventory.   

The highest appreciating subdivisions in Fuquay Varina include Windermere at over 6.7% above $400k and Windcrest at 7.8% below $200k. In short, it’s a great time to buy in Fuquay Varina.  It’s a great community with a lot of growth potential in the future.

Mar. 4, 2007 - Cary NC Real Estate Market Conditions

Buyer's market? Seller's market? Get a snapshot of current conditions in your area from a local real estate professional. Click on your state or province below. Top > North Carolina > Cary Market Conditions for Cary, North Carolina Reported by Tracy Santrock, REALTOR, ePRO As of February 27, 2007. Current Market Rating: 3 1 2 3 4 5 Buyer's Seller's Current Price Trend: 4 1 2 3 4 5 Falling Rising In many regions across the United States home prices have been rising sharply, and media coverage has predicted a burst in the "so-called" housing market bubble. Are you are concerned about a possible real estate bubble in Cary? " The National Association of Realtors Research Division recently conducted a home price analysis in the Raleigh-Cary MSA. The reports concluded that there was very little danger of a housing market bust in this region. In fact, the reports stated that local housing markets were in excellent shape with a potential for significant housing equity gains, particularly for homebuyers who plan to remain in their house for the long run. Additionally, local markets had very favorable home price-to-income ratios and even better mortgage servicing cost-to-income ratios. The latter ratio is currently below the local historical average implying no widespread financial overstretching to purchase a home in the region. Any respectable gains in the Raleigh-Cary job market could translate into substantial home price gains. As of February 2007 Forbes Magazine just named the Triangle area the #1 area for job growth. This will have a tremendous impact on inventory availability and appreciation rates going into the hot spring market. Keep this mind as you contemplate investing in this market. Year-End Summary for 2006: -Average price resale home in the area is $252,000 -Average price of a new home is $363,000. -House price appreciation isn this area is uperior to the average rate for housing located in Wake County. -Decline in inventory shot up the appreciation rate to 10.46% in 2006 vs. 4.5% in 2005. -Overal inventory is between 2-3 months. -Price categories with the smallest inventory include single family homes under $400,000. -Price categories with the largest inventory include the $1M+ price range with over 21 months of inventory. More Information view my blog at http://TracySantrock.Realtownblogs.com or email for the detailed NAR report @ Tracy@TracySantrock.com ZIP Codes: 27513, 27511, 27519 Location Characteristics: Named for Prohibition leader Sen. Samuel Fenton Cary (1814-1900) of Ohio, the once-sleepy railroad town of Cary has attracted - and continues to attract - many newcomers. In fact, Cary is the third-largest city in the Triangle. A large part of its appeal is not only its close proximity to Research Triangle Park, but also its neat fit into the American dream of suburbia. Money magazine recently named Cary the Hottest Town in the East and one of the six best places to live in the country. It has the highest median household income in Wake County ($75,122), and more than two-thirds of Cary residents hold a college degree. Planning, planning and more planning is Cary's adage. It takes but one drive around Maynard Road, which circles Cary, to understand the vision: planned neighborhoods with large homes, two-car garages and well-groomed lawns as far as the eye can see. On the business front, Cary is home to such leading companies as SAS Institute, American Airlines and John Deere. However, unlike many towns, commercial development is regulated much the same as residential development. While other Triangle towns have rules governing residential neighborhoods, Cary insists on tasteful commercial buildings that match the surroundings. That attention to detail has proved very beneficial when dealing with the population explosion in Cary. In fact, Cary has doubled its population every decade since 1960. As the seventh-largest municipality in the state, Cary has grown from 43,000 in 1990 to more than 110,000 today. Forecasters predict that by 2020, Cary will add another 60,000 residents. To handle the expansion, city leaders and developers carefully control development and have built an infrastructure to absorb the growth. In fact, it wasn't until recently that the voice to slow down Cary's growth was heard. Lately, Cary officials have been developing innovative growth controls. Some of these include requiring developers to prove there are enough roads and classrooms to accommodate the newcomers, as well a $70 million expansion of the water treatment plant that serves Cary and nearby Apex, a project that has won national awards. In addition, Cary's land-acquisition ordinance requires builders to donate land to the city's Parks and Recreation Department based on the number of houses that will be built. Currently, Cary has 20 city parks, including the Fred G. Bond Metro Park and Hemlock Bluffs Nature Preserve. There's also the Kids Together Park with a large playground. In addition to community swimming pools, tennis courts and some of the finest golf courses in the area, these green spaces are what make people from all over the country want to call Cary home. WakeMed Cary Hospital near Tryon Road and Kildaire Farm Road has helped to serve the growing population's need for, and access to, convenient medical care. Walk around downtown Cary where Chatham and Academy streets meet, and you feel like you're in a small town. This is where Lazy Daze Arts and Crafts Festival, considered one of the finest festivals in the state, is held annually. Also downtown is the Page-Walker Arts and History Center, formerly the Page-Walker Hotel, which was built in 1868 to serve train passengers. Homes in and around downtown were mostly built during the 1950s. Once considered the outskirts of town, the Greenwood Forest subdivision is now in the middle. Built during the 1950s and '60s, it is bordered by Walnut Street and East Maynard. Close by are Cary High School, Cary Village Square shopping center and Cary Towne Center Mall. Cary first began growing southward with the MacGregor Downs subdivision - the first prestigious development in Cary. Built in the 1960s with large lots and homes off U.S. 64, MacGregor Downs defines Cary's southernmost point. In fact, many claim that Cary's reputation for upscale residential living is due to this subdivision. Condominiums and homes command good prices, especially in the MacGregor West neighborhood, adjacent to MacGregor Downs Country Club, where you can find estate-size homesites of one to five acres. Kildaire Farms, North Carolina's first planned unit development (PUD) with various style homes in different price ranges, was developed along Kildaire Farm Road and Cary Parkway during the 1970s and '80s. This community has more than 2,500 residential units throughout its neighborhoods, a greenway system with jogging trails and bike paths, the Kildaire Farms Racquet and Swim Club and the Cary Athletic Club located within its boundaries. Regency Park, a PUD developed during the 1980s, includes commercial as well as residential buildings. It's located off the intersection of U.S. 1 South and U.S. 64. Regency Park Estates, tucked away in Regency Park adjacent to Hemlock Bluffs Nature Preserve, is a neighborhood where every homesite is an acre or larger. Lochmere, a PUD not far from Regency Park on the southern end of Kildaire Farm Road east of U.S. 1, also was developed in the 1980s. With a lake, miles of nature and jogging trails, swim and tennis clubs, golf and several different neighborhoods in all price ranges, Lochmere has been a very successful community. Due west, the community of Preston is credited for reshaping Cary. Preston, located off High House Road, offers houses ranging from $250,000 to $1 million. Traditional, transitional and contemporary homes are found throughout this PUD. As in other developments of its kind, Preston has golf (54 holes), swimming, tennis, an exercise facility, playgrounds and picnic shelters, as well as the Prestonwood Country Club. Other communities developed during the '80s and '90s pulled Cary northward up Harrison Avenue. Some of these neighborhoods include Wessex, an upscale community with a swimming pool and tennis courts; North Harrison Trace, a single-family community with a number of home designs; and Beechtree, which includes townhomes, cluster homes and single-family homes. This area of Cary offers easy access to I-40, Lake Crabtree and Umstead Park.

Mar. 4, 2007 - Raleigh NC Real Estate >>The Triangle Market is Still Healthy & Strong

The staff economist for the National Home Builders Association, Michael Carliner, says that the Triangle (Chatham, Durham, Franklin, Johnston, Orange and Wake Counties of North Carolina) is "perhaps the healthiest market in the United States."  Area job growth is exceeding the national average.  New people means more buyers and it certainly doesn't hurt the demand for apartments either.  In October, on a year to year basis, jobs increased nationally 1.5%, the Durham area increased 2.2% and the Raleigh-Cary metropolitan statistical area increased 4.4%. 

As reported here before, the Triangle housing market has not been immune to the hit the national market has taken.  For the most part our problems have been that of people moving here are having problems selling their homes in the markets they are coming from.  Thus the inventory of new homes locally has increased as has the inventory of resale homes because of this problem.  However, both the volume builders and the smaller local builders have been cutting back on the building of new homes which should increase the demand for resale homes and cut down on the new home inventory as well.  Currently, closings and new home starts are nearly equal which indicates a market in balance.  So what's in store for 2007?  In the Triangle it would appear that a housing market in basic balance may be the story and if that's not all good neither is it all bad.

Nov. 21, 2006 - Raleigh NC Real Estate >>Existing Homes Sales Decline in the Triangle in October

In October existing home sales declined in the Triangle for the first time in four years. 

Nov. 6, 2006 - Raleigh NC Real Estate >>Prices Continue To Rise in the Triangle Real Estate Market

Oct. 21, 2006 - Chatham County NC Real Estate Continues to Boom

Chatham County Real Estate Development Continues to Boom Jim Goodnight, Tim Smith and “Bubba” Rawl are at it again. Preston Development has purchased 2,000 acres South of Pittsboro and have an eagle eye on 1,000 more. About all Tim and “Bubba” will say about their plans for the acreage is that it will have 2 golf courses.

As you know Tim and “Bubba”, with the backing of SAS Institute found Jim Goodnight, developed Preston in Cary and put together the acreage package that is now Wakefield. Jim Goodnight, the wealthiest member of our community, is backing them in this venture as well. If you haven’t been keeping up with what is going on in Pittsboro it’s time you did. Newland Communities, a developer out of San Diego, has an approved subdivision called Briar Chapel which will have 2,389 homes on 1,589 acres five miles South of Chapel Hill off of U.S. 15-501. There will also be two schools and more than 500,000 square feet of commercial space.

Aug. 16, 2006 - Housing Bubble? What Bubble?