Bubble bubble toil and trouble: We're number one!

...And weeeee'll keep on buying -- till the end ... Boston is the #1 bubblicious-est housing market in the country, says Kiplingers Personal Finance (at  Yahoo). And our soft job market is part of the reason for concern:

The problem, says Lawrence Yun, regional economist for the National Association of Realtors (NAR), is that the Boston area has lost 200,000 jobs since 2000 and that housing prices remain high, with a median home selling for $398,000.

It's a chicken-and-omelette situation: high housing prices make the area unattractive for workers and jobs, which makes it impossible to keep up the bubble.

But there's a silver lining, folks... Here's your Brit Hume Schadenfreude moment of the day:

But David Lindahl, a veteran real estate buyer who runs a local investors' club, looks at the bright side of a possible price decline in Boston. That would mean, he says, "buying opportunities in the foreclosure market."

Ugh. Good news for people who love bad news, as they say.