Has the Housing Bubble Already Burst?

The Wall Street Examiner says it has:

The biggest financial disaster in history is unfolding in real time right before our eyes. Due to the lingering effects of mass hysteria, denial remains widespread. But the numbers don't lie.

The U.S. Commerce Department announced Wednesday that sales of homes increased 6.5 percent in the last month, while median prices fell 7.2 percent, down three months in a row and falling below year-ago levels.

Increased volume selling into a falling market looks to me like the beginning of a good old-fashioned collapse.

The current inventory of houses waiting for buyers is 460,000 -- an all-time record.