[C]onsider that according to the January U of M consumer sentiment survey, the share of households who believed that the time was ripe to jump into the housing market jumped to 22% in January. This share of "performance chasers" has literally doubled in the past fifteen months, and is now back to levels last seen in early 1990 when, once again, the herd followed the boom of the late-1980s and we all know how that saga ended.