How Long Will the Housing Bubble Last?

Bradenton Herald - As a homeowner or residential real estate investor, you may have a high percentage of your net worth invested in your home or other properties. If so, you are no doubt following news reports of escalating U.S. home prices. Should you be worried about a bubble?
To be sure, today's real estate market is anything but typical. The Office of Federal Housing Enterprise Oversight reports that the average U.S. home increased in value by 13.4 percent between the second quarters of 2004 and 2005. Even the average increase doesn't tell the full story. In markets such as Florida, Nevada and California the appreciation has been far greater.
As property prices continue to move higher, some economists and other observers are voicing concerns about price bubbles and the risk that prices in some markets might drop substantially. If the drops are significant and widespread, the impact could spread beyond home prices and potentially slow the U.S. economy.
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