A playboy playmate wants to junk modelling and become a property investor. A 22-year-old Nevada property entrepreneur gets lost driving to one of his eight houses. The number of property investment clubs has quadrupled since 2002. California's Department of Real Estate, which administers the test taken by would-be estate agents, has doubled the number of test centres to deal with the surge of people who want to sell houses. Some sceptics, including this newspaper, have long argued that America suffers from a housing bubble. Now most analysts accept that there is indeed a bubble at least in some areas, notably southern California, Florida and the north-east. Opinions differ, however, on just how big and widespread the bubble is.
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