That may not be the worst thing, given the excesses that led the the bubble bursting five and a half years ago, but Alpert thinks one of the knock-on effects is housing demand from institutional investors masking the fact that shadow inventory is still a significant overhang on the market.

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Worse, the commodities bubble burst: metals prices fell by over half between March and November 2008.

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Fewer than half were sold before Spain's real-estate bubble burst.

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The other half said: Horsepuckey, it's just a financial bubble.

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The bubble has popped and the value of their investments is half or two-thirds of what it was a few short months ago.

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Thus, 55% of respondents see those markets in a bubble, with most expecting a burst in the second half of 2011 or the early 2012.

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And remember, I mentioned one of our biggest challenges during the course of the last two and a half years has been dealing with a huge burst of the housing bubble.

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Trains are hot and everybody (countries, states, cities and towns) wants serveral and soon a train building bubble arises and collapses and the train building business falls to less than half its its normal contribution to GDP.

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