Stop it! There is no national housing bubble
from CNBC (Opinion)
No, we're not in a national housing bubble. Period. End of story. Yes, it is true that home prices, on average in 20 major metropolitan areas are above the 2007 peak. It is also true that specific, highly populated cities with limited supplies of new and existing homes are experiencing "surge pricing" amid strong demand. In fact, pending home sales expanded in most of the country in July and reached their second highest reading in over a decade, according to the National Association of Realtors. Only the Midwest saw a dip in contract activity last month.
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