US home prices have soared to new heights and they keep on climbing, and some researchers and economists say they have seen signs of a housing bubble brewing.
Home prices are rising faster than market forces would indicate they should and are becoming"unhinged from fundamentals," according to a new blog post written by researchers and economists at the Federal Reserve Bank of Dallas. Until recently, the possibility of a bubble wasn't widely supported. But after looking at housing markets across the US, the Fed researchers said new evidence is emerging.
The researchers recommended policy makers and market participants closely watch local markets for booms in prices in order to better respond,"before misalignments become so severe that subsequent corrections produce economic upheaval."Bubble brewingThe behavior of homebuyers and sellers over the past two years has been anything but normal, the researchers pointed out. Prices are at record highs and continue to move higher because there has been record low inventory.
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