Ben S. Bernanke does not think the national housing boom is a bubble that is about to burst, he indicated to Congress last week, just a few days before President Bush nominated him to become the next chairman of the Federal Reserve.
U.S. house prices have risen by nearly 25 percent over the past two years, noted Bernanke, currently chairman of the president's Council of Economic Advisers, in testimony to Congress's Joint Economic Committee. But these increases, he said, "largely reflect strong economic fundamentals," such as strong growth in jobs, incomes and the number of new households.
Washington Post, October 27, 2005
Former Federal Reserve Chairman Alan Greenspan said that last week's rise in weekly mortgage applications could signal that the ``worst may well be over'' for the U.S. housing industry, according to a report of a speech Greenspan gave in Canada on Friday.
MarketWatch, October 7, 2006
I really love these very knowledgeable market experts who are spreading havoc and misery on the whole world.