Bubble discounted by officials

Bubble discounted by officials: "Bubble discounted by officials
WASHINGTON -- June 28, 2005 -- Bubble, what bubble?
Top officials at the Federal Deposit Insurance Corp., which regulates national banks, on Monday dismissed fears that rising home prices nationwide reflect a speculative bubble ready to burst.
Nationwide home prices grew by more than 12.5 percent in the first quarter of this year, 11 percent last year and 8.4 percent over the past five years. The nation's hottest markets have had price gains exceeding 30 percent in the last three years. Some economists believe that housing prices are being driven by speculative investment based more on faith that prices will rise even further than on economic fundamentals."