Continued Price Increases Proof Of Bubble
Every new release of higher prices for RE is now greeted with fear, reflecting the change in psychology. "Economist Joe Keating said, 'Personally, I do believe there is a chance of a bubble. When you start building rationales for why it can go only higher, it gets a little bit scary.'"
"State economist Tom Potiowsky told legislators Friday at the (Oregon) Capitol, particularly in areas such as Bend..'we're concerned there could be a major correction in the housing market in the near future.'"
"With home prices in Bradenton and Sarasota appreciating faster than anywhere else in the nation, you'd think residents and Realtors would be cheering. But they're not. In fact, many are finding the trend downright unsettling. 'It's upsetting people,' said Tracy Seider, a realtor."
"'Is this a bubble, or a ramping up in prices that will continue?' asks Craig Smith, a Sarasota property appraiser and real estate investor. 'All I know is that we've never been through a run-up in Florida that has been this extreme. The farther up we go, the greater the risk that we'll be subject to a correction.'"