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Words of wisdom from Daniel, in the Great Pacific Northwettest.
I don't think that there is a trigger really, it just builds until it can't anymore. It is driven by greed, and Man's basically selfish nature. Interest rates were too low, for too long, so it got huge. As you say, money has been cheap.
In RE, everybody involved has a cash incentive to have the property go for the maximum amount possible, well, except for the buyer. The merry go round makes a few turns and the stakes get pretty high. No particular trigger, just relentless pressure to go higher.
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She was the kindest person I ever met
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