Summary: The current level of hype about real estate bears a worrisome resemblance to the bubble of the late nineties. Financial companies tout no-money-down interest-only loans as a way of extending speculators purchasing power, and developers pitch new developments to buyers the way Wall Street analysts used to pitch new IPO's. According to the National Association of Realtors, over a third of total sales in 2004 were to families buying a second home--most for 'investment' purposes.

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