A situation where: •  prices have already risen considerably in the two largest cities (where about a third of our population live)  •  prices are rising, at present, faster than income by a noticeable margin, and  •  an important area of credit growth has picked up to double-digit rates  should prompt a reasonable observer to ask the question whether some people might be starting to get just a little overexcited.
However, I try not to forget what underlies all those data: millions of Americans working hard, trying to better themselves economically, struggling to manage their family finances, and worrying about the price of gas and college tuition.