In its June issue, The Economist weighs in on the side of a global home price bubble. And the folks at Fannie Mae (site registration required) are warning of housing market busts in several regions

Whether these well-regarded economic forecasters are correct or not, conditions do suggest that the signal for home prices in the US has turned "yellow" and that caution is in order for those who are over-leveraged and/or speculating in this asset class.