Is it a bubble? Experts debate surging US real estate prices
AFP, April, 2005
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WASHINGTON (AFP) — Is real estate another bubble ready to burst? Experts are cautiously watching the red-hot US housing market, but remain divided on the likelihood of a crash that could be a devastating economic blow.
On a national level, home prices last year rose 8.3 percent, the fastest pace in a decade, to a median level of 184,100 dollars, government figures show.
But in some big metropolitan areas including Washington and San Francisco, prices are up about 20 percent and million-dollar homes are becoming increasingly common.
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Part of the rise is due to an increase in housing speculators. The National Association of Realtors found 23 percent of homes sold in 2004 were bought by investors, and there are widespread reports of buyers "flipping" homes for quick short-term gains in many markets.
David Berson, the chief economist for mortgage finance group Fannie Mae, notes that ...
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