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Greenspan's view is similar, if not identical. He concedes that there is "froth" in some markets but nothing to worry about.
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Perhaps this might be true nationwide, but I wouldn't want to have my equity sitting in one of the "frothy" markets. In other articles I have read, it is the new creative mortgage and financing terms that have driven property purchases and may become a serious problem if property values normalize.
Time magazine did a piece on the housing "bubble" not long ago and is worth a read.