We used to ignore bubbles, explaining them away because they were scary. Now we see them as a clearer conduit to clarity when illustrating a point related to mortgages. Not housing. Remember, we experienced a mortgage bubble from 2003-2007, not a housing bubble. Housing was merely a way to keep score.
James Hagarty at WSJ talks about the First American CoreLogic report with the following results:
The problem is most acute in Nevada, where the percentage is 55%, followed by Michigan (40%), Arizona (32%), Florida (30%) and California (30%). Stripping out those five hard-hit states, the national percentage is about 14%. In New York State, the tally is just 4.7%.
BBC News uses bubbles to illustrate the Stim plans.