Tuesday, May 24, 2005

From the bubble camp part two...

"Existing homes were sold in April at the fastest pace in history as the nation's red-hot housing market just kept getting hotter.

The National Association of Realtors reported Tuesday that existing single-family homes and condominiums were sold at a seasonally adjusted rate of 7.18 million units last month, a gain of 4.5 percent from a revised March sales pace of 6.87 million units."

This comes from yahoo news, and the article admits this raises fears of the housing bubble a little higher and provides evidence that people are moving into the market for speculative reasons. Seeing a link from "realtor.org" I couldn't help but wonder what they had to say. I know that you should never ask a barber if you need a haircut, or ask a realtor if you need to buy a house, but just to measure how even-handed they would be, I perused some articles. I found the following:

Found on REALTOR.org

"Housing Bubble
... Molony 202-383-1177 wmolony@realtors.org Housing Groups Refute Housing "Bubble,"
Laud Greenspan Testimony WASHINGTON (July 19, 2002)?Federal Reserve Board ...

Housing Groups Refute Housing 'Bubble,' Laud Greenspan ...
... Housing Groups Refute Housing 'Bubble,' Laud Greenspan Testimony WASHINGTON (July
19, 2002)?Federal Reserve Board Chairman Alan Greenspan's testimony before ...

Industry Watch: Housing Starts Soar
... Law Challenged US Office Market Slumps Strong Home Prices, No Bubble, Building boom
Housing Starts Soar Construction makes its biggest gains in seven years. BY ...

Industry Watch: Strong Home Prices, No Bubble
... Federal Reserve Chairman Alan Greenspan discounted the possibility of a "housing
bubble" artificially inflating home prices, during recent testimony to the ...

Industry Watch: Price Bubble Won't Burst
... says study. BY TOM DOOLEY If you've been worrying about the housing price bubble
bursting, you can relax, says a report from Harvard University's Joint Center ...

Industry Watch: No Bubble, Says Fed Governor
... Community Bankers of America, noting that "There's little risk of a US housing
bubble, even though it's unreasonable to expect home prices to repeat their 7 ...

July News Releases
... of the exclusive Realtor® Platinum Visa® card. Housing Groups Refute Housing "Bubble,"
Laud Greenspan Testimony (7/22) "The nation's home builders have said ...

Industry Watch: Bubble? Forget it!
... to support housing growth, say economists. BY TOM DOOLEY "A housing bubble about
to burst!!" Don't bet on it! That's the word from CNN/Money, which has noted ...

Industry Watch: Homebuilding Booms Until 2020
... the major concern for the real estate industry shouldn't be a housing "bubble,"
which he considers unlikely, but a widening gap between housing "haves" and ...

Industry Watch: Housing Stock Value Exceeds $12.2 Trillion
... by Dooley: Return to Recession Unlikely Homebuyer's Interest Grows Price Bubble
Won't Burst Housing Starts Soar, Fed takes stock Housing Stock Value Exceeds ..."

Somehow I'm not surprised...or impressed by their objectivity.


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