Is This A Bubble?

Is this a bubble or just a little froth?

The East Valley Tribune continues to ask the million dollar question, are we in a housing bubble? According to Elliott Pollack, the local housing market will eventually cool, but not in the near term. "Not in the next year and probably not in the next year after that," Pollack said. Home prices will continue to rise until there is more supply than demand. Right now, builders can't throw up homes fast enough to meet demand. And the bubble may not burst but rather fizzle. The last home sales downturn in the Valley was in 1988-91. "Prices flattened rather than declined," Pollack said.