Honolulu Housing Market Ready to Pop?

The Milwaukee Journal Sentinel runs a piece comparing their local housing market to the national market. Hidden in the article is this:

Price appreciation, here and across the nation, is slowing down markedly, however. Market analysts at Friedman Billings Ramsey Co. Inc. in Arlington, Va., this week predicted that U.S. house appreciation, at 7.1% in the year that ended June 30, will dwindle to less than half that by April 2007. They see one major ready-to-pop housing bubble - the Honolulu, Hawaii market - and 24 metro areas headed for smaller price dips, mostly in high-unemployment areas and none in Wisconsin.

A bigger bubble than Phoenix, San Francisco and Boston? I looked all over for more on Friedman Billings Ramsey Co. Inc.'s prediction and could not find anything beyond this. Intriguing....