In 2019, an article on bloomberg.com described the views of one analyst of the U.S. housing market: “He says it’s too early to know if housing is in another bubble. It will depend on what happens with the economy. ‘Unfortunately, bubbles are only recognized with 100 percent certainty in 20/20 hindsight.’” 

a. What is a “housing bubble”? 

b. Why might it be difficult to identify a housing bubble until after the bubble has popped? 

c. Should government policymakers be worried about a housing bubble? Briefly explain.