It’s not a housing bubble, it’s just expensive

expensive housingDespite record home prices in some big cities, the U.S. market is nowhere near as bad as it was a decade ago.

By Patrick Clark | Bloomberg

Home prices have hit record highs in some major U.S. metropolitan areas, and house-flippers are behaving like it’s 2005: It’s no wonder people are chattering about another housing bubble.

But residential real estate isn’t in a speculative bubble, industry observers contend. Instead, a low inventory of available homes is driving prices higher—prices, however, will eventually recede as buyers throw up their hands, or as more new homes come on line. The structural issues that led to the housing collapse last decade aren’t present.

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