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Mark Gongloff

A Hot Housing Market Is a Financial Crisis Risk

The longer prices defy the Fed, the harder the Fed might try to break them.

Livin’ on the edge.

Livin’ on the edge.

Photographer: JOSH EDELSON/AFP/Getty Images

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The US housing market is either the car at the end of “Thelma and Louise” or “Chitty Chitty Bang Bang” — soaring one last time before (spoiler alert) crashing into a ravine or defying the laws of physics and flying forever.