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« "Solid" Dem States Turn For Bush | Main | Blame Bush for MBA Enrollment Slump » May 26, 2004The Housing BubbleThe run-up in housing prices is not a bubble. Instead, it reflects an increase in the quality and size of new homes, the effect of falling interest rates on making renting a home less attractive, increasingly competitive mortgage lenders (leading to a doubling of home loans to low-income borrowers), government initiatives to boost the rate of home ownership, rising demand for housing driven by immigration and population growth, and the increasing attractiveness of real estate as an investment. Of course, I told you there was no "housing bubble" in the economy way back in September 2003. Comments
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