If a t-shirt can deliver a self-fulfilling prophecy, this Mr. Hou$ing Bubble one can do it, if the minor stir it’s generating is any indication.

“I think it’s pretty clear that there are a lot of people in fear over the potential of a housing bust,” [T-shirtHumor.com communications director Anthony] Phipps said. “A lot of individuals have made some interesting moves financially with interest-only mortgages and the idea of suddenly having all that equity disappear is something that scares home buyers and policy-makers alike.”

But the Realty Times newsletter chafed at the notion that real estate prices have reached unsustainable levels, declaring in a headline, “Mr. Housing Bubble T-shirts Indicate Market Confusion.”

Arguing that Americans are widely benefiting from adjustable-rate mortgages that make monthly payments more affordable, columnist Blanche Evans said some pundits in the financial press were simply trying to scare real estate investors into shifting their money back into stocks.

The exposure must be doing wonders for T-shirtHumor.com; the site’s been down all evening.

I can’t say pink is my color. Also, I think conjuring up the Internet bubble is a bit too much.