Slowly but surely the market is catching up. See: Existing Home Sales Decline As Rates Rise – Yahoo! News
Sales of previously owned homes dropped 2.6 percent in July as mortgage rates crept up.
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Federal Reserve Chairman Alan Greenspan has warned of “speculative fervor” in some local housing markets that may be pushing prices up to unsustainable levels.
I feel like it’s 1999 and we are sitting arround talking about how the stock market is overvalued and how it just has to crash at some point – there were plenty of people who said that was impossible – and there were the people who knew it wasn’t if, but when. The only question with housing is when, not if.
